Wall Street Zen Upgrades Applied Industrial Technologies (NYSE:AIT) to “Buy”

Applied Industrial Technologies (NYSE:AIT) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday, Wall Street Zen reports.

Other research analysts have also issued reports about the stock. Oppenheimer raised their target price on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a report on Friday, August 14th. KeyCorp upped their price target on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Mizuho upped their price target on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Weiss Ratings upgraded shares of Applied Industrial Technologies from a “buy (b)” rating to a “buy (a-)” rating in a research report on Thursday. Finally, DA Davidson lifted their price objective on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $400.00.

Applied Industrial Technologies Stock Down 0.4%

Shares of AIT stock opened at $333.96 on Friday. The company has a market capitalization of $12.27 billion, a price-to-earnings ratio of 30.47, a PEG ratio of 2.69 and a beta of 0.85. Applied Industrial Technologies has a one year low of $238.34 and a one year high of $374.80. The company’s fifty day moving average price is $336.32 and its 200-day moving average price is $320.43. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.25. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same period last year, the firm earned $2.80 earnings per share. The business’s quarterly revenue was up 10.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Sell-side analysts expect that Applied Industrial Technologies will post 11.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Industrial Technologies news, Director Peter C. Wallace sold 1,904 shares of Applied Industrial Technologies stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the transaction, the director owned 22,859 shares in the company, valued at $7,782,346.55. The trade was a 7.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David K. Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the transaction, the chief financial officer owned 32,050 shares in the company, valued at $11,380,955. This trade represents a 5.35% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Applied Industrial Technologies

A number of institutional investors have recently modified their holdings of AIT. ANB Bank acquired a new stake in Applied Industrial Technologies during the 3rd quarter worth about $306,000. Wedmont Private Capital purchased a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at about $223,000. Legacy Wealth Asset Management LLC raised its stake in shares of Applied Industrial Technologies by 38.4% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 2,914 shares of the industrial products company’s stock valued at $968,000 after buying an additional 809 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Applied Industrial Technologies by 11.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,993 shares of the industrial products company’s stock valued at $662,000 after buying an additional 200 shares during the last quarter. Finally, Whalen Wealth Management Inc. lifted its holdings in shares of Applied Industrial Technologies by 17.5% in the 3rd quarter. Whalen Wealth Management Inc. now owns 744 shares of the industrial products company’s stock valued at $247,000 after buying an additional 111 shares during the period. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc is a distributor and value-added service provider of industrial products and engineered solutions. The company supplies products used to maintain, repair and operate manufacturing, processing, infrastructure and other industrial facilities, including bearings, power-transmission components, fluid-power equipment, industrial motion products, automation technologies, safety products and related supplies.

In addition to distributing products from leading manufacturers, Applied Industrial Technologies provides technical support, engineering, fabrication, repair and maintenance services.