StockNews.com Downgrades Applied Industrial Technologies (NYSE:AIT) to Hold

Applied Industrial Technologies (NYSE:AIT) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Thursday.

AIT has been the topic of a number of other reports. KeyCorp lifted their target price on Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Loop Capital lifted their price objective on Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Raymond James upped their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Bank of America upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $285.00 to $315.00 in a research note on Tuesday, November 26th. Finally, Oppenheimer raised their price objective on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $285.71.

Applied Industrial Technologies Stock Performance

AIT opened at $240.58 on Thursday. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. The stock’s 50 day moving average price is $255.73 and its two-hundred day moving average price is $220.94. The firm has a market capitalization of $9.25 billion, a P/E ratio of 24.55, a price-to-earnings-growth ratio of 3.71 and a beta of 1.05. Applied Industrial Technologies has a 12-month low of $163.50 and a 12-month high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the firm posted $2.39 earnings per share. Applied Industrial Technologies’s revenue was up .3% compared to the same quarter last year. On average, equities analysts forecast that Applied Industrial Technologies will post 9.76 earnings per share for the current year.

Insider Buying and Selling

In other Applied Industrial Technologies news, Director Mary Dean Hall sold 2,200 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total value of $605,176.00. Following the transaction, the director now owns 3,462 shares of the company’s stock, valued at approximately $952,326.96. The trade was a 38.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Warren E. Hoffner III sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total value of $1,126,560.00. Following the completion of the sale, the vice president now owns 55,709 shares of the company’s stock, valued at approximately $15,689,882.76. This trade represents a 6.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.67% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Industrial Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC bought a new position in shares of Applied Industrial Technologies in the second quarter worth about $26,000. V Square Quantitative Management LLC acquired a new stake in shares of Applied Industrial Technologies in the third quarter valued at approximately $34,000. First Horizon Advisors Inc. raised its position in Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 88 shares during the last quarter. Quarry LP acquired a new position in Applied Industrial Technologies during the 2nd quarter worth $39,000. Finally, UMB Bank n.a. boosted its position in Applied Industrial Technologies by 68.1% in the 3rd quarter. UMB Bank n.a. now owns 190 shares of the industrial products company’s stock valued at $42,000 after buying an additional 77 shares during the last quarter. Institutional investors own 93.52% of the company’s stock.

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.