Applied Industrial Technologies, Inc. (NYSE:AIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “Applied Industrial reported better-than-expected fourth-quarter fiscal 2017 results. The company believes that robust upstream business, sturdy performance of the U.S. fluid power business, and superior customer servicing skills will likely bolster its top-line performance in the quarters ahead. Moreover, sound restructuring moves, greater productivity and increased cost discipline are projected to strengthen the company’s near-term bottom-line performances. However, over the last three months, the stock has underperformed the industry.  The company perceives that a stronger U.S. dollar might continue to hurt its overseas market revenues in the quarters ahead. Even so, other headwinds such as increasing industry rivalry or consolidation among consumers or suppliers, might curtail near-term growth.”

AIT has been the subject of several other reports. BidaskClub downgraded Applied Industrial Technologies from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 23rd. Northcoast Research started coverage on Applied Industrial Technologies in a research note on Tuesday, July 25th. They issued a “neutral” rating for the company. Finally, Wells Fargo & Co reissued a “market perform” rating and issued a $63.00 price objective (down from $67.00) on shares of Applied Industrial Technologies in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $62.50.

Applied Industrial Technologies (AIT) traded up 0.89% during trading on Wednesday, reaching $56.55. 22,386 shares of the company’s stock were exchanged. Applied Industrial Technologies has a 52 week low of $43.50 and a 52 week high of $69.00. The stock has a 50-day moving average price of $56.65 and a 200 day moving average price of $60.21. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of 16.63 and a beta of 0.95.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Friday, August 11th. The industrial products company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.56. The firm had revenue of $681.47 million during the quarter, compared to the consensus estimate of $680.20 million. Applied Industrial Technologies had a return on equity of 15.89% and a net margin of 5.16%. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.66 EPS. Equities research analysts forecast that Applied Industrial Technologies will post $3.10 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This report was posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this report on another site, it was illegally stolen and republished in violation of United States and international trademark and copyright laws. The legal version of this report can be viewed at https://www.thecerbatgem.com/2017/08/30/applied-industrial-technologies-inc-ait-downgraded-to-hold-at-zacks-investment-research.html.

In other Applied Industrial Technologies news, VP Mark O. Eisele sold 6,000 shares of the company’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $56.11, for a total value of $336,660.00. Following the transaction, the vice president now directly owns 153,029 shares of the company’s stock, valued at approximately $8,586,457.19. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Mark O. Eisele sold 8,926 shares of the company’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $54.42, for a total value of $485,752.92. Following the completion of the transaction, the vice president now directly owns 135,029 shares in the company, valued at $7,348,278.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,571 shares of company stock worth $4,070,841. Insiders own 4.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio raised its position in shares of Applied Industrial Technologies by 0.5% in the second quarter. Public Employees Retirement System of Ohio now owns 4,286 shares of the industrial products company’s stock valued at $253,000 after buying an additional 23 shares during the last quarter. Koch Industries Inc. raised its position in shares of Applied Industrial Technologies by 8,147.3% in the second quarter. Koch Industries Inc. now owns 297,728 shares of the industrial products company’s stock valued at $293,000 after buying an additional 294,118 shares during the last quarter. Verition Fund Management LLC raised its position in shares of Applied Industrial Technologies by 96.1% in the second quarter. Verition Fund Management LLC now owns 6,397 shares of the industrial products company’s stock valued at $378,000 after buying an additional 3,135 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new position in shares of Applied Industrial Technologies during the second quarter valued at $498,000. Finally, Ameritas Investment Partners Inc. raised its position in shares of Applied Industrial Technologies by 7.2% in the second quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock valued at $199,000 after buying an additional 226 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.

Receive News & Stock Ratings for Applied Industrial Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Industrial Technologies Inc. and related stocks with our FREE daily email newsletter.