ValuEngine Lowers Applied Industrial Technologies, Inc. (AIT) to Hold

ValuEngine downgraded shares of Applied Industrial Technologies, Inc. (NYSE:AIT) from a buy rating to a hold rating in a report issued on Tuesday morning.

Several other research analysts also recently commented on AIT. Zacks Investment Research raised shares of Applied Industrial Technologies from a hold rating to a buy rating and set a $61.00 target price on the stock in a research note on Monday, August 14th. Northcoast Research assumed coverage on shares of Applied Industrial Technologies in a research note on Tuesday, July 25th. They issued a neutral rating on the stock. Finally, BidaskClub raised shares of Applied Industrial Technologies from a strong sell rating to a sell rating in a research note on Monday, August 14th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Applied Industrial Technologies has an average rating of Hold and a consensus price target of $66.00.

Applied Industrial Technologies (NYSE:AIT) traded up $1.70 during mid-day trading on Tuesday, hitting $61.50. 140,400 shares of the company’s stock traded hands, compared to its average volume of 193,017. The stock has a market capitalization of $2,321.15, a P/E ratio of 19.93, a PEG ratio of 1.56 and a beta of 0.94. Applied Industrial Technologies has a 52-week low of $54.00 and a 52-week high of $70.05. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.13 and a quick ratio of 1.83.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.76 by $0.10. The firm had revenue of $680.70 million for the quarter, compared to the consensus estimate of $668.18 million. Applied Industrial Technologies had a net margin of 5.29% and a return on equity of 16.25%. The business’s revenue was up 8.9% compared to the same quarter last year. During the same period last year, the firm posted $0.70 earnings per share. equities analysts forecast that Applied Industrial Technologies will post 3.19 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Wednesday, November 15th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Tuesday, November 14th. Applied Industrial Technologies’s payout ratio is 32.58%.

In related news, VP Mark O. Eisele sold 6,000 shares of Applied Industrial Technologies stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $54.69, for a total value of $328,140.00. Following the transaction, the vice president now directly owns 123,029 shares of the company’s stock, valued at $6,728,456.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Mark O. Eisele sold 8,926 shares of Applied Industrial Technologies stock in a transaction on Monday, August 21st. The stock was sold at an average price of $54.42, for a total transaction of $485,752.92. Following the completion of the transaction, the vice president now directly owns 135,029 shares in the company, valued at $7,348,278.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,791 shares of company stock worth $2,244,769. 3.70% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. increased its position in Applied Industrial Technologies by 0.5% during the 2nd quarter. BlackRock Inc. now owns 5,592,219 shares of the industrial products company’s stock valued at $330,220,000 after purchasing an additional 25,364 shares during the period. Vanguard Group Inc. increased its position in Applied Industrial Technologies by 4.8% during the 2nd quarter. Vanguard Group Inc. now owns 3,662,402 shares of the industrial products company’s stock valued at $216,264,000 after purchasing an additional 166,858 shares during the period. JPMorgan Chase & Co. increased its position in Applied Industrial Technologies by 4.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,007,925 shares of the industrial products company’s stock valued at $118,568,000 after purchasing an additional 94,681 shares during the period. Dimensional Fund Advisors LP increased its position in Applied Industrial Technologies by 6.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,178,032 shares of the industrial products company’s stock valued at $77,513,000 after purchasing an additional 68,270 shares during the period. Finally, State Street Corp increased its position in Applied Industrial Technologies by 11.2% during the 2nd quarter. State Street Corp now owns 1,003,427 shares of the industrial products company’s stock valued at $59,253,000 after purchasing an additional 101,228 shares during the period. 88.01% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Company Profile

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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