Applied Industrial Technologies (NYSE:AIT) Research Coverage Started at Mizuho

Mizuho began coverage on shares of Applied Industrial Technologies (NYSE:AIT) in a report released on Tuesday, MarketBeat Ratings reports. The firm issued an outperform rating and a $285.00 target price on the industrial products company’s stock.

AIT has been the subject of a number of other reports. Bank of America initiated coverage on shares of Applied Industrial Technologies in a research note on Monday, October 7th. They issued a “neutral” rating and a $232.00 price objective for the company. Raymond James initiated coverage on Applied Industrial Technologies in a report on Wednesday, September 4th. They set an “outperform” rating and a $225.00 price target on the stock. 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. StockNews.com downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Finally, 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. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on 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 $231.75 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.56 and a current ratio of 3.53. The business’s fifty day moving average is $214.20 and its 200 day moving average is $200.90. The company has a market capitalization of $8.95 billion, a PE ratio of 24.29, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. Applied Industrial Technologies has a fifty-two week low of $149.59 and a fifty-two week high of $240.45.

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

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $203.10, for a total value of $986,659.80. Following the sale, the vice president now directly owns 19,315 shares in the company, valued at $3,922,876.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the sale, the chief executive officer now owns 205,708 shares in the company, valued at $41,602,385.92. This 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 worth $2,439,116 in the last quarter. 2.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Applied Industrial Technologies

Several large investors have recently modified their holdings of the stock. Quadrature Capital Ltd purchased a new position in Applied Industrial Technologies during the first quarter worth $593,000. American International Group Inc. boosted its stake in shares of 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 worth $13,809,000 after purchasing an additional 48,883 shares during the period. Hennessy Advisors Inc. grew its holdings in Applied Industrial Technologies by 18.3% during the 1st quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock valued at $36,606,000 after purchasing an additional 28,700 shares during the last quarter. State of Michigan Retirement System purchased a new stake in Applied Industrial Technologies in the 1st quarter worth about $1,877,000. Finally, Sanctuary Advisors LLC bought a new stake in Applied Industrial Technologies in the second quarter worth about $1,279,000. 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.