Applied Industrial Technologies, Inc. (AIT) Rating Lowered to Hold at Zacks Investment Research
Applied Industrial Technologies, Inc. (NYSE:AIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Over the last month, Applied Industrial’s shares outperformed the industry. 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, 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. Over the last 30 days, Zacks Consensus Estimate for the stock moved north for fiscal 2018 but remained unchanged for fiscal 2019.”
AIT has been the topic of a number of other reports. Wells Fargo & Company restated a “market perform” rating and issued a $63.00 price target (down from $67.00) on shares of Applied Industrial Technologies in a research note on Wednesday, July 12th. BidaskClub downgraded shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Northcoast Research began coverage on shares of Applied Industrial Technologies in a research note on Tuesday, July 25th. They issued a “neutral” rating on the stock. Finally, ValuEngine upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday, September 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $64.00.
Applied Industrial Technologies (NYSE:AIT) opened at 59.55 on Tuesday. The firm has a 50 day moving average of $56.35 and a 200-day moving average of $59.81. The company has a market capitalization of $2.33 billion, a P/E ratio of 17.51 and a beta of 0.92. Applied Industrial Technologies has a 52 week low of $43.50 and a 52 week high of $69.00.
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 analysts’ consensus estimates of $0.78 by $0.56. The firm had revenue of $681.47 million for the quarter, compared to the consensus estimate of $680.20 million. Applied Industrial Technologies had a net margin of 5.16% and a return on equity of 15.89%. 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 company posted $0.66 earnings per share. On average, analysts forecast that Applied Industrial Technologies will post $3.10 earnings per share for the current year.
In other news, VP Mark O. Eisele sold 11,854 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $55.76, for a total value of $660,979.04. Following the sale, the vice president now directly owns 147,029 shares in the company, valued at approximately $8,198,337.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Mark O. Eisele sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $56.11, for a total transaction of $336,660.00. Following the completion of the sale, the vice president now owns 153,029 shares in the company, valued at $8,586,457.19. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,571 shares of company stock worth $4,070,841. 4.40% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Neuburgh Advisers LLC boosted its stake in shares of Applied Industrial Technologies by 6.2% in the 1st quarter. Neuburgh Advisers LLC now owns 1,892 shares of the industrial products company’s stock valued at $117,000 after purchasing an additional 110 shares in the last quarter. Tyers Asset Management LLC boosted its position in Applied Industrial Technologies by 6.2% during the 1st quarter. Tyers Asset Management LLC now owns 2,408 shares of the industrial products company’s stock worth $149,000 after buying an additional 140 shares during the period. Envestnet Asset Management Inc. boosted its position in Applied Industrial Technologies by 2.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 2,741 shares of the industrial products company’s stock worth $170,000 after buying an additional 64 shares during the period. Flinton Capital Management LLC boosted its position in Applied Industrial Technologies by 6.2% during the 1st quarter. Flinton Capital Management LLC now owns 2,924 shares of the industrial products company’s stock worth $181,000 after buying an additional 170 shares during the period. Finally, Ameritas Investment Partners Inc. acquired a new stake in Applied Industrial Technologies during the 1st quarter worth approximately $194,000. Institutional investors own 88.03% of the company’s stock.
About Applied Industrial Technologies
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.
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