Applied Industrial Technologies (AIT) Lifted to Hold at Wellington Shields

Wellington Shields upgraded shares of Applied Industrial Technologies (NYSE:AIT) to a hold rating in a research report sent to investors on Tuesday morning.

A number of other analysts have also recently weighed in on the company. Zacks Investment Research cut Applied Industrial Technologies from a buy rating to a hold rating in a research report on Tuesday, December 26th. ValuEngine cut Applied Industrial Technologies from a buy rating to a hold rating in a research report on Tuesday, November 14th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The company currently has a consensus rating of Hold and an average target price of $67.00.

Applied Industrial Technologies (NYSE:AIT) opened at $69.85 on Tuesday. 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 has a 52 week low of $54.00 and a 52 week high of $70.25. The company has a market capitalization of $2,693.77, a PE ratio of 19.62, a price-to-earnings-growth ratio of 1.81 and a beta of 0.93.

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

Several large investors have recently made changes to their positions in AIT. Riverhead Capital Management LLC lifted its position in shares of Applied Industrial Technologies by 57.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,298 shares of the industrial products company’s stock worth $195,000 after purchasing an additional 1,198 shares during the last quarter. Ameritas Investment Partners Inc. lifted its position in shares of Applied Industrial Technologies by 7.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock worth $199,000 after purchasing an additional 226 shares during the last quarter. Hartford Investment Management Co. acquired a new position in shares of Applied Industrial Technologies during the 3rd quarter worth about $207,000. Teacher Retirement System of Texas acquired a new position in shares of Applied Industrial Technologies during the 3rd quarter worth about $212,000. Finally, Pacad Investment Ltd. lifted its position in shares of Applied Industrial Technologies by 28.6% during the 2nd quarter. Pacad Investment Ltd. now owns 3,600 shares of the industrial products company’s stock worth $213,000 after purchasing an additional 800 shares during the last quarter. 87.89% of the stock is owned by institutional investors.

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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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