Other analysts also recently issued research reports about the company. Sidoti raised their price objective on Applied Industrial Technologies from $61.00 to $71.00 and gave the stock a neutral rating in a research report on Monday, December 9th. Wells Fargo & Co set a $60.00 price objective on Applied Industrial Technologies and gave the stock a hold rating in a research report on Monday, September 23rd. KeyCorp reiterated an overweight rating and issued a $75.00 price objective (up previously from $70.00) on shares of Applied Industrial Technologies in a research report on Wednesday, December 11th. Zacks Investment Research downgraded Applied Industrial Technologies from a hold rating to a sell rating and set a $65.00 price objective for the company. in a research report on Friday, November 15th. Finally, Robert W. Baird assumed coverage on Applied Industrial Technologies in a research report on Thursday, December 12th. They issued a buy rating and a $81.00 price objective for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $73.67.
Shares of AIT stock opened at $67.48 on Tuesday. The stock has a 50 day moving average of $65.97 and a two-hundred day moving average of $59.57. The company has a current ratio of 2.39, a quick ratio of 1.42 and a debt-to-equity ratio of 0.93. Applied Industrial Technologies has a 12 month low of $49.45 and a 12 month high of $68.44. The company has a market capitalization of $2.58 billion, a P/E ratio of 15.30 and a beta of 1.37.
Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.01. Applied Industrial Technologies had a return on equity of 18.22% and a net margin of 3.86%. The company had revenue of $856.40 million during the quarter, compared to the consensus estimate of $850.45 million. During the same quarter last year, the company earned $1.14 EPS. The company’s quarterly revenue was down .9% on a year-over-year basis. Sell-side analysts predict that Applied Industrial Technologies will post 4.37 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of AIT. Nuveen Asset Management LLC acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter worth approximately $29,937,000. Millennium Management LLC raised its holdings in shares of Applied Industrial Technologies by 998.4% in the 3rd quarter. Millennium Management LLC now owns 314,735 shares of the industrial products company’s stock worth $17,876,000 after buying an additional 286,080 shares in the last quarter. Morgan Stanley raised its holdings in shares of Applied Industrial Technologies by 348.1% in the 2nd quarter. Morgan Stanley now owns 288,092 shares of the industrial products company’s stock worth $17,726,000 after buying an additional 223,797 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Applied Industrial Technologies by 7.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,132,627 shares of the industrial products company’s stock worth $69,691,000 after buying an additional 80,694 shares in the last quarter. Finally, Scout Investments Inc. acquired a new position in shares of Applied Industrial Technologies in the 4th quarter worth approximately $5,352,000. 87.93% of the stock is owned by institutional investors and hedge funds.
About Applied Industrial Technologies
Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.
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