Applied Industrial Technologies, Inc. (NYSE:AIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage presently has a $69.00 target price on the industrial products company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.56% from the company’s current price.

According to Zacks, “Over the last month, Applied Industrial’s shares outperformed the industry. The company reported better-than-expected fourth-quarter fiscal 2017 results. Quarterly adjusted earnings of 78 cents per share surpassed the Zacks Consensus Estimate by a penny. 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. Notably, the company remains committed towards its shareholders. Over the last 60 days Zacks Consensus Estimate for the stock moved north for both fiscal 2018 and 2019.”

Other research analysts have also issued research reports about the stock. BidaskClub lowered shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Wells Fargo & Company restated a “market perform” rating and set a $63.00 price target (down previously from $67.00) on shares of Applied Industrial Technologies in a research note on Wednesday, July 12th. Northcoast Research began coverage on shares of Applied Industrial Technologies in a research note on Tuesday, July 25th. They set 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 investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Applied Industrial Technologies currently has an average rating of “Hold” and a consensus target price of $66.00.

Applied Industrial Technologies (NYSE:AIT) opened at 61.85 on Thursday. Applied Industrial Technologies has a 12-month low of $43.50 and a 12-month high of $69.00. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of 18.19 and a beta of 0.92. The company’s 50 day moving average is $56.83 and its 200 day moving average is $59.68.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Friday, August 11th. The industrial products company reported $1.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.56. Applied Industrial Technologies had a net margin of 5.16% and a return on equity of 15.89%. The company had revenue of $681.47 million for the quarter, compared to analyst estimates of $680.20 million. During the same quarter in the prior year, the business posted $0.66 EPS. Applied Industrial Technologies’s quarterly revenue was up 7.5% on a year-over-year basis. On average, equities analysts anticipate that Applied Industrial Technologies will post $3.11 earnings per share for the current year.

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In related news, VP Mark O. Eisele sold 6,000 shares of the company’s stock in a transaction 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 directly owns 153,029 shares of the company’s stock, valued at approximately $8,586,457.19. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Mark O. Eisele sold 11,854 shares of the company’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $55.76, for a total transaction of $660,979.04. Following the sale, the vice president now directly owns 147,029 shares of the company’s stock, valued at $8,198,337.04. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 73,571 shares of company stock valued at $4,070,841. 3.70% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of AIT. Neuburgh Advisers LLC boosted its holdings in shares of Applied Industrial Technologies by 6.2% during the 1st quarter. Neuburgh Advisers LLC now owns 1,892 shares of the industrial products company’s stock worth $117,000 after buying an additional 110 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of 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. Ameritas Investment Partners Inc. bought a new stake in shares of Applied Industrial Technologies during the 1st quarter worth $194,000. Riverhead Capital Management LLC boosted its holdings in shares of Applied Industrial Technologies by 57.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,298 shares of the industrial products company’s stock worth $195,000 after buying an additional 1,198 shares during the period. Finally, Paradigm Asset Management Co. LLC boosted its holdings in shares of Applied Industrial Technologies by 59.1% during the 2nd quarter. Paradigm Asset Management Co. LLC now owns 3,500 shares of the industrial products company’s stock worth $207,000 after buying an additional 1,300 shares during the period. 87.53% of the stock is owned by institutional investors and hedge funds.

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.

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