Applied Industrial Technologies (NYSE:AIT) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Applied Industrial Technologies (NYSE:AIT) from a hold rating to a buy rating in a research report released on Tuesday.

Several other brokerages have also commented on AIT. KeyCorp upped their price objective on shares of Applied Industrial Technologies from $215.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Raymond James started coverage on Applied Industrial Technologies in a research report on Wednesday, September 4th. They set an “outperform” rating and a $225.00 price target for the company. Northcoast Research initiated coverage on Applied Industrial Technologies in a report on Monday, July 1st. They issued a “neutral” rating on the stock. Loop Capital raised their target price on Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a report on Friday, August 16th. Finally, Bank of America started coverage on shares of Applied Industrial Technologies in a research note on Monday, October 7th. They set a “neutral” rating and a $232.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $243.14.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock opened at $231.75 on Tuesday. The firm has a 50 day simple moving average of $214.20 and a 200-day simple moving average of $200.90. The stock has a market cap of $8.95 billion, a price-to-earnings ratio of 24.29, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. Applied Industrial Technologies has a 1-year low of $149.59 and a 1-year high of $240.45.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.52 by $0.12. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the firm earned $2.35 earnings per share. The firm’s quarterly revenue was up .2% compared to the same quarter last year. On average, analysts expect that Applied Industrial Technologies will post 9.69 EPS for the current year.

Insider Buying and Selling

In other news, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies stock in a transaction dated Friday, August 23rd. The stock was 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 owns 19,315 shares in the company, valued at approximately $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 can be accessed through the SEC website. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction on Monday, August 19th. The stock was sold at an average price of $202.24, for a total transaction of $748,894.72. Following the sale, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,927 shares of company stock valued at $2,439,116 in the last three months. 2.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Insight Folios Inc acquired a new stake in shares of Applied Industrial Technologies during the 3rd quarter worth about $204,000. State of Alaska Department of Revenue increased its stake in Applied Industrial Technologies by 7.2% in the third quarter. State of Alaska Department of Revenue now owns 4,495 shares of the industrial products company’s stock valued at $1,002,000 after purchasing an additional 300 shares during the last quarter. GHP Investment Advisors Inc. raised its holdings in Applied Industrial Technologies by 3.9% during the third quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock worth $255,000 after purchasing an additional 43 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Applied Industrial Technologies during the third quarter worth approximately $217,000. Finally, Ballentine Partners LLC lifted its position in shares of Applied Industrial Technologies by 7.1% during the 3rd quarter. Ballentine Partners LLC now owns 1,111 shares of the industrial products company’s stock worth $248,000 after buying an additional 74 shares during the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

About Applied Industrial Technologies

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.