Applied Industrial Technologies, Inc. (AIT) Rating Lowered to Hold at Zacks Investment Research

Applied Industrial Technologies, Inc. (NYSE:AIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “Over the last month, Applied Industrial’s shares outperformed the industry. The company believes that robust upstream business, sturdy performance of the U.S. fluid power business, and superior customer servicing skills will likely bolster its top-line performance in the quarters ahead. Moreover, sound restructuring moves, greater productivity and increased cost discipline are projected to strengthen the company’s near-term bottom-line performances. However, the company perceives that a stronger U.S. dollar might continue to hurt its overseas market revenues in the quarters ahead. Even so, other headwinds such as increasing industry rivalry or consolidation among consumers or suppliers, might curtail near-term growth. Over the last 30 days, Zacks Consensus Estimate for the stock moved north for fiscal 2018 but remained unchanged for fiscal 2019.”

A number of other brokerages also recently weighed in on AIT. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $63.00 target price (down previously from $67.00) on shares of Applied Industrial Technologies in a report on Wednesday, July 12th. ValuEngine raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, September 6th. BidaskClub raised Applied Industrial Technologies from a “strong sell” rating to a “sell” rating in a report on Monday, August 14th. Finally, Northcoast Research started coverage on Applied Industrial Technologies in a report on Tuesday, July 25th. They issued a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Applied Industrial Technologies has an average rating of “Hold” and an average target price of $64.00.

Applied Industrial Technologies (NYSE:AIT) traded up 0.68% on Tuesday, hitting $59.20. 52,665 shares of the stock were exchanged. The company has a market cap of $2.31 billion, a PE ratio of 17.41 and a beta of 0.92. The company’s 50-day moving average is $56.22 and its 200-day moving average is $59.84. Applied Industrial Technologies has a 52 week low of $43.50 and a 52 week high of $69.00.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Friday, August 11th. The industrial products company reported $1.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.56. Applied Industrial Technologies had a return on equity of 15.89% and a net margin of 5.16%. The company had revenue of $681.47 million during the quarter, compared to the consensus estimate of $680.20 million. During the same period last year, the business earned $0.66 EPS. The business’s quarterly revenue was up 7.5% on a year-over-year basis. On average, analysts predict that Applied Industrial Technologies will post $3.10 earnings per share for the current year.

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In other Applied Industrial Technologies news, VP Mark O. Eisele sold 6,000 shares of Applied Industrial Technologies stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $56.11, for a total value of $336,660.00. Following the completion of the transaction, the vice president now owns 153,029 shares in the company, valued at approximately $8,586,457.19. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Mark O. Eisele sold 8,926 shares of Applied Industrial Technologies stock in a transaction on Monday, August 21st. The shares were sold at an average price of $54.42, for a total value of $485,752.92. Following the completion of the transaction, the vice president now owns 135,029 shares of the company’s stock, valued at approximately $7,348,278.18. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,571 shares of company stock worth $4,070,841. 4.40% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio raised its position in shares of Applied Industrial Technologies by 0.5% during the second quarter. Public Employees Retirement System of Ohio now owns 4,286 shares of the industrial products company’s stock worth $253,000 after acquiring an additional 23 shares during the last quarter. Koch Industries Inc. raised its position in shares of Applied Industrial Technologies by 8,147.3% during the second quarter. Koch Industries Inc. now owns 297,728 shares of the industrial products company’s stock worth $293,000 after acquiring an additional 294,118 shares during the last quarter. Verition Fund Management LLC raised its position in shares of Applied Industrial Technologies by 96.1% during the second quarter. Verition Fund Management LLC now owns 6,397 shares of the industrial products company’s stock worth $378,000 after acquiring an additional 3,135 shares during the last quarter. Piedmont Investment Advisors LLC bought a new stake in shares of Applied Industrial Technologies during the second quarter worth $498,000. Finally, Ameritas Investment Partners Inc. raised its position in shares of Applied Industrial Technologies by 7.2% during the second quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock worth $199,000 after acquiring an additional 226 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

About Applied Industrial Technologies

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.

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