Applied Industrial Technologies (AIT) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Applied Industrial Technologies (NYSE:AIT) from a hold rating to a buy rating in a research note issued to investors on Thursday morning. Zacks Investment Research currently has $78.00 target price on the industrial products company’s stock.
According to Zacks, “In a month, Applied Industrial's shares have outperformed the industry. In the quarters ahead, the company will gain from its healthy service-center distribution, upstream oil and gas and fluid power businesses. These along with benefits from acquired assets will drive revenues, while higher sales and greater cost and operational discipline will boost margins. In first-quarter fiscal 2018, the company's earnings of 86 cents per share surpassed the Zacks Consensus Estimate of 76 cents. Quarterly revenues outpaced the Zacks Consensus Estimate by 2.1%. The stellar performance was backed by robust demand, acquisition-related benefits and favorable foreign currency-translation impact.”
Several other research firms also recently commented on AIT. ValuEngine downgraded shares of Applied Industrial Technologies from a buy rating to a hold rating in a research note on Tuesday, November 14th. Wellington Shields raised shares of Applied Industrial Technologies from a hold rating to a gradually accumulate rating in a research note on Wednesday, December 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Applied Industrial Technologies has an average rating of Hold and a consensus target price of $70.50.
Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.86 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.10. The company had revenue of $680.70 million for the quarter, compared to the consensus estimate of $668.18 million. Applied Industrial Technologies had a net margin of 5.29% and a return on equity of 16.25%. The firm’s revenue was up 8.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.70 EPS. analysts predict that Applied Industrial Technologies will post 3.26 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the stock. Riverhead Capital Management LLC increased its stake in Applied Industrial Technologies by 57.0% in 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. Ameritas Investment Partners Inc. increased its stake in Applied Industrial Technologies by 7.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock worth $199,000 after buying an additional 226 shares during the period. Hartford Investment Management Co. purchased a new position in Applied Industrial Technologies during the 3rd quarter valued at about $207,000. Teacher Retirement System of Texas purchased a new position in Applied Industrial Technologies during the 3rd quarter valued at about $212,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in Applied Industrial Technologies during the 3rd quarter valued at about $223,000. 87.89% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Applied Industrial Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Industrial Technologies and related companies with MarketBeat.com's FREE daily email newsletter.