Applied Industrial Technologies (AIT) Hits New 12-Month Low at $59.01

Shares of Applied Industrial Technologies (NYSE:AIT) hit a new 52-week low on Thursday . The stock traded as low as $59.01 and last traded at $60.05, with a volume of 61521 shares trading hands. The stock had previously closed at $61.61.

A number of brokerages have commented on AIT. ValuEngine upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday, September 12th. Zacks Investment Research downgraded Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Northcoast Research restated a “neutral” rating on shares of Applied Industrial Technologies in a research note on Friday, August 10th. Wellington Shields upgraded Applied Industrial Technologies from a “gradually accumulate” rating to a “buy” rating in a research note on Monday, August 13th. Finally, Wells Fargo & Co lifted their target price on Applied Industrial Technologies from $73.00 to $80.00 and gave the company a “hold” rating in a research note on Monday, August 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $79.00.

The company has a debt-to-equity ratio of 1.09, a current ratio of 2.76 and a quick ratio of 1.67. The company has a market cap of $2.34 billion, a P/E ratio of 15.95, a P/E/G ratio of 1.05 and a beta of 1.11.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Wednesday, October 31st. The industrial products company reported $1.24 EPS for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.12. Applied Industrial Technologies had a return on equity of 19.66% and a net margin of 4.82%. The company had revenue of $864.50 million during the quarter, compared to the consensus estimate of $874.74 million. During the same period in the previous year, the firm posted $0.86 earnings per share. Applied Industrial Technologies’s quarterly revenue was up 27.0% compared to the same quarter last year. On average, research analysts forecast that Applied Industrial Technologies will post 4.8 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 30th. Shareholders of record on Thursday, November 15th were paid a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, November 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.01%. Applied Industrial Technologies’s payout ratio is currently 32.09%.

In other news, Director Green Edith Kelly sold 7,090 shares of the business’s stock in a transaction that occurred on Wednesday, November 14th. The stock was sold at an average price of $65.51, for a total transaction of $464,465.90. Following the completion of the transaction, the director now directly owns 19,240 shares in the company, valued at $1,260,412.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.10% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Applied Industrial Technologies by 1.7% during the third quarter. BlackRock Inc. now owns 6,095,423 shares of the industrial products company’s stock worth $476,966,000 after buying an additional 100,031 shares during the period. Vanguard Group Inc. boosted its position in shares of Applied Industrial Technologies by 1.2% during the third quarter. Vanguard Group Inc. now owns 3,879,484 shares of the industrial products company’s stock worth $303,570,000 after buying an additional 46,906 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Applied Industrial Technologies by 11.4% during the third quarter. JPMorgan Chase & Co. now owns 2,363,587 shares of the industrial products company’s stock worth $184,950,000 after buying an additional 241,427 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Applied Industrial Technologies by 0.4% during the third quarter. Dimensional Fund Advisors LP now owns 1,198,053 shares of the industrial products company’s stock worth $93,748,000 after buying an additional 4,270 shares during the period. Finally, FMR LLC boosted its position in shares of Applied Industrial Technologies by 20.7% during the third quarter. FMR LLC now owns 1,097,672 shares of the industrial products company’s stock worth $85,893,000 after buying an additional 188,411 shares during the period. Institutional investors and hedge funds own 88.14% of the company’s stock.

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About Applied Industrial Technologies (NYSE:AIT)

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.

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