Applied Industrial Technologies (NYSE:AIT) Raised to Overweight at Wells Fargo & Co

Wells Fargo & Co upgraded shares of Applied Industrial Technologies (NYSE:AIT) from an equal weight rating to an overweight rating in a research report report published on Tuesday, Benzinga reports. The firm currently has $80.00 price target on the industrial products company’s stock.

Several other brokerages also recently commented on AIT. Sidoti increased their target price on shares of Applied Industrial Technologies from $61.00 to $71.00 and gave the company a neutral rating in a report on Monday, December 9th. Zacks Investment Research downgraded shares of Applied Industrial Technologies from a hold rating to a sell rating and set a $65.00 target price for the company. in a report on Friday, November 15th. Robert W. Baird started coverage on shares of Applied Industrial Technologies in a report on Thursday, December 12th. They issued a buy rating and a $81.00 target price for the company. KeyCorp reiterated an overweight rating and issued a $75.00 target price (up previously from $70.00) on shares of Applied Industrial Technologies in a report on Wednesday, December 11th. Finally, ValuEngine upgraded shares of Applied Industrial Technologies from a sell rating to a hold rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $73.67.

Shares of AIT stock traded up $0.36 on Tuesday, hitting $68.30. The stock had a trading volume of 662 shares, compared to its average volume of 173,000. The business has a 50 day moving average of $65.93 and a 200 day moving average of $59.54. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of 15.47 and a beta of 1.37. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.39 and a quick ratio of 1.42. Applied Industrial Technologies has a 12-month low of $49.45 and a 12-month high of $68.21.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $1.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.01. The company had revenue of $856.40 million during the quarter, compared to the consensus estimate of $850.45 million. Applied Industrial Technologies had a net margin of 3.86% and a return on equity of 18.22%. The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.14 earnings per share. As a group, research analysts expect that Applied Industrial Technologies will post 4.37 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of AIT. Bank of Montreal Can boosted its position in Applied Industrial Technologies by 86.8% during the second quarter. Bank of Montreal Can now owns 5,532 shares of the industrial products company’s stock worth $340,000 after purchasing an additional 2,571 shares during the period. LPL Financial LLC boosted its position in shares of Applied Industrial Technologies by 5.4% in the second quarter. LPL Financial LLC now owns 5,094 shares of the industrial products company’s stock valued at $311,000 after acquiring an additional 263 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Applied Industrial Technologies by 5.0% in the second quarter. Bank of New York Mellon Corp now owns 611,175 shares of the industrial products company’s stock valued at $37,606,000 after acquiring an additional 29,015 shares during the period. Northern Trust Corp boosted its position in shares of Applied Industrial Technologies by 1.1% in the second quarter. Northern Trust Corp now owns 601,717 shares of the industrial products company’s stock valued at $37,024,000 after acquiring an additional 6,672 shares during the period. Finally, Commonwealth Bank of Australia boosted its position in shares of Applied Industrial Technologies by 57.1% in the second quarter. Commonwealth Bank of Australia now owns 5,500 shares of the industrial products company’s stock valued at $338,000 after acquiring an additional 2,000 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

Applied Industrial Technologies Company Profile

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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Analyst Recommendations for Applied Industrial Technologies (NYSE:AIT)

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