Applied Industrial Technologies, Inc. (AIT) Given Consensus Recommendation of “Hold” by Brokerages
Applied Industrial Technologies, Inc. (NYSE:AIT) has received an average recommendation of “Hold” from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $64.00.
A number of analysts recently issued reports on AIT shares. Zacks Investment Research downgraded Applied Industrial Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $63.00 target price (down previously from $67.00) on shares of Applied Industrial Technologies in a research report on Wednesday, July 12th. Northcoast Research started coverage on Applied Industrial Technologies in a research report on Tuesday, July 25th. They issued a “neutral” rating on the stock. BidaskClub downgraded Applied Industrial Technologies from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Finally, ValuEngine raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th.
Applied Industrial Technologies (AIT) traded up 1.12% during mid-day trading on Wednesday, hitting $58.80. The stock had a trading volume of 97,059 shares. Applied Industrial Technologies has a 52 week low of $43.50 and a 52 week high of $69.00. The stock’s 50-day moving average is $56.22 and its 200 day moving average is $59.86. The company has a market capitalization of $2.30 billion, a P/E ratio of 17.29 and a beta of 0.92.
Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Friday, August 11th. The industrial products company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.56. The business had revenue of $681.47 million for 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%. Applied Industrial Technologies’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.66 earnings per share. Equities analysts forecast that Applied Industrial Technologies will post $3.10 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Tuesday, August 15th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date was Friday, August 11th. Applied Industrial Technologies’s dividend payout ratio is currently 34.12%.
In related news, VP Mark O. Eisele sold 4,939 shares of Applied Industrial Technologies stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $55.91, for a total transaction of $276,139.49. Following the completion of the transaction, the vice president now owns 106,090 shares in the company, valued at $5,931,491.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Mark O. Eisele sold 6,000 shares of Applied Industrial Technologies 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 owns 153,029 shares of the company’s stock, valued at approximately $8,586,457.19. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,571 shares of company stock worth $4,070,841. 4.40% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Neuburgh Advisers LLC grew its holdings in Applied Industrial Technologies by 6.2% during the first quarter. Neuburgh Advisers LLC now owns 1,892 shares of the industrial products company’s stock worth $117,000 after purchasing an additional 110 shares during the period. Tyers Asset Management LLC grew its holdings in Applied Industrial Technologies by 6.2% during the first quarter. Tyers Asset Management LLC now owns 2,408 shares of the industrial products company’s stock worth $149,000 after purchasing an additional 140 shares during the period. Envestnet Asset Management Inc. grew its holdings in Applied Industrial Technologies by 2.4% during the first quarter. Envestnet Asset Management Inc. now owns 2,741 shares of the industrial products company’s stock worth $170,000 after purchasing an additional 64 shares during the period. Flinton Capital Management LLC grew its holdings in Applied Industrial Technologies by 6.2% during the first quarter. Flinton Capital Management LLC now owns 2,924 shares of the industrial products company’s stock worth $181,000 after purchasing an additional 170 shares during the period. Finally, Ameritas Investment Partners Inc. bought a new position in Applied Industrial Technologies during the first quarter worth about $194,000. Institutional investors and hedge funds own 88.03% of the company’s stock.
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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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