Applied Industrial Technologies (NYSE:AIT) Coverage Initiated by Analysts at Mizuho

Equities researchers at Mizuho began coverage on shares of Applied Industrial Technologies (NYSE:AIT) in a note issued to investors on Tuesday, Marketbeat reports. The brokerage set an “outperform” rating and a $285.00 price target on the industrial products company’s stock. Mizuho’s price objective would indicate a potential upside of 27.34% from the stock’s current price.

AIT has been the subject of a number of other research reports. KeyCorp upped their price objective on Applied Industrial Technologies from $215.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Robert W. Baird upped their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Northcoast Research assumed coverage on shares of Applied Industrial Technologies in a research report on Monday, July 1st. They set a “neutral” rating for the company. Finally, Loop Capital lifted their price target on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a report on Friday, August 16th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $243.14.

Applied Industrial Technologies Price Performance

NYSE AIT opened at $223.81 on Tuesday. The company has a current ratio of 3.53, a quick ratio of 2.56 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies has a 12 month low of $149.59 and a 12 month high of $235.75. The stock has a market cap of $8.64 billion, a price-to-earnings ratio of 23.46, a PEG ratio of 3.12 and a beta of 1.03. The company’s 50 day moving average is $213.57 and its two-hundred day moving average is $200.68.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, beating the consensus estimate of $2.52 by $0.12. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the firm earned $2.35 EPS. The company’s revenue was up .2% on a year-over-year basis. As a group, research analysts anticipate that Applied Industrial Technologies will post 9.69 earnings per share for the current year.

Insider Buying and Selling

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at $4,037,221.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the sale, the chief executive officer now directly owns 205,708 shares in the company, valued at $41,602,385.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Kurt W. Loring sold 3,366 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the transaction, the vice president now owns 19,315 shares in the company, valued at $4,037,221.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,927 shares of company stock worth $2,439,116. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of large investors have recently made changes to their positions in the company. Quadrature Capital Ltd bought a new stake in Applied Industrial Technologies in the first quarter worth about $593,000. American International Group Inc. boosted its holdings in Applied Industrial Technologies by 232.6% during the 1st quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock valued at $13,809,000 after acquiring an additional 48,883 shares during the period. Hennessy Advisors Inc. grew its position in Applied Industrial Technologies by 18.3% in the 1st quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock valued at $36,606,000 after acquiring an additional 28,700 shares during the last quarter. State of Michigan Retirement System bought a new stake in shares of Applied Industrial Technologies during the first quarter worth $1,877,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Applied Industrial Technologies during the second quarter valued at $1,279,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.