Mizuho Issues Pessimistic Forecast for Applied Industrial Technologies (NYSE:AIT) Stock Price

Applied Industrial Technologies (NYSE:AIT) had its price objective dropped by investment analysts at Mizuho from $400.00 to $390.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the industrial products company’s stock. Mizuho’s price target would suggest a potential upside of 16.41% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Weiss Ratings raised shares of Applied Industrial Technologies from a “buy (b)” rating to a “buy (a-)” rating in a research report on Thursday, October 8th. Oppenheimer increased their price target 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 raised their price target on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. DA Davidson boosted their price objective on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Finally, Robert W. Baird boosted their price objective on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $398.33.

Applied Industrial Technologies Stock Performance

AIT opened at $335.02 on Thursday. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average price is $335.39 and its two-hundred day moving average price is $321.43. The firm has a market capitalization of $12.31 billion, a P/E ratio of 30.37, a price-to-earnings-growth ratio of 2.67 and a beta of 0.85. Applied Industrial Technologies has a 12-month low of $238.72 and a 12-month high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, topping 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 company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the previous year, the company earned $2.80 earnings per share. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, equities analysts forecast that Applied Industrial Technologies will post 11.96 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Peter C. Wallace sold 1,904 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following the sale, the director directly owned 22,859 shares in the company, valued at approximately $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 SEC, which is accessible through the SEC website. Also, CFO David K. Wells sold 1,812 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $11,380,955. The trade was a 5.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Industrial Technologies

Hedge funds have recently made changes to their positions in the business. Anchor Investment Management LLC acquired a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at about $32,000. Global Retirement Partners LLC bought a new stake in Applied Industrial Technologies in the second quarter valued at about $37,000. Kilter Group LLC bought a new stake in Applied Industrial Technologies in the second quarter valued at about $40,000. Silvant Capital Management LLC acquired a new position in Applied Industrial Technologies in the second quarter worth about $54,000. Finally, Harbor Investment Advisory LLC acquired a new position in Applied Industrial Technologies in the second quarter worth about $96,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

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.