Applied Industrial Technologies (NYSE:AIT) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Applied Industrial Technologies (NYSE:AIT) from a buy rating to a hold rating in a report released on Saturday,Wall Street Zen reports.

Other equities analysts also recently issued research reports about the stock. Robert W. Baird reduced their price objective on shares of Applied Industrial Technologies from $400.00 to $350.00 and set an “outperform” rating for the company in a research note on Wednesday, October 28th. Mizuho decreased their price target on shares of Applied Industrial Technologies from $400.00 to $390.00 and set an “outperform” rating for the company in a research report on Thursday, October 15th. DA Davidson raised their price target on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 14th. Bank of America boosted their price objective on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Finally, Oppenheimer reissued an “outperform” rating on shares of Applied Industrial Technologies in a research report on Wednesday, October 28th. Seven analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $380.00.

Applied Industrial Technologies Stock Up 1.6%

Shares of Applied Industrial Technologies stock opened at $298.68 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.89 and a quick ratio of 1.75. The stock has a market cap of $10.90 billion, a price-to-earnings ratio of 26.47, a PEG ratio of 2.38 and a beta of 0.85. The firm’s 50-day moving average is $326.46 and its two-hundred day moving average is $309.40. Applied Industrial Technologies has a 1 year low of $238.72 and a 1 year high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $2.97 EPS for the quarter, beating the consensus estimate of $2.89 by $0.08. Applied Industrial Technologies had a net margin of 8.38% and a return on equity of 22.68%. The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the previous year, the business posted $2.63 EPS. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. As a group, research analysts expect that Applied Industrial Technologies will post 12.06 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Friday, November 13th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, November 13th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 18.05%.

Insider Buying and Selling

In related news, CFO David Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the sale, the chief financial officer directly owned 32,050 shares in the company, valued at $11,380,955. This trade represents a 5.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Peter Wallace sold 1,904 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following the sale, the director directly owned 22,859 shares in the company, valued at approximately $7,782,346.55. This represents a 7.69% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Industrial Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC raised its stake in Applied Industrial Technologies by 34.1% in the 2nd quarter. Hsbc Holdings PLC now owns 27,891 shares of the industrial products company’s stock worth $9,410,000 after acquiring an additional 7,092 shares during the last quarter. Quantinno Capital Management LP grew its stake in Applied Industrial Technologies by 89.0% during the 1st quarter. Quantinno Capital Management LP now owns 10,182 shares of the industrial products company’s stock valued at $2,702,000 after purchasing an additional 4,794 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Applied Industrial Technologies during the 2nd quarter valued at about $8,916,000. WINTON GROUP Ltd purchased a new stake in Applied Industrial Technologies during the 2nd quarter valued at about $5,286,000. Finally, Van Hulzen Asset Management LLC acquired a new position in shares of Applied Industrial Technologies in the second quarter valued at about $2,341,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc (NYSE: AIT) is a distributor and value-added service provider of industrial motion, power transmission, fluid power, automation, and control products. Its offerings include bearings, mechanical power-transmission components, motors, gearboxes, hydraulic and pneumatic equipment, industrial hoses, process pumps, safety products, and related maintenance supplies.

The company also provides technical and engineering services designed to help customers improve equipment performance, reliability, and productivity.