Applied Industrial Technologies (NYSE:AIT) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of Applied Industrial Technologies (NYSE:AIT) from a buy rating to a hold rating in a report published on Thursday.

Other analysts also recently issued reports about the stock. Robert W. Baird lifted their price objective on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Raymond James raised their target price on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Oppenheimer lifted their price objective on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Loop Capital upped their target price on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Finally, Bank of America raised Applied Industrial Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $285.00 to $315.00 in a report on Tuesday, November 26th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $285.71.

Applied Industrial Technologies Stock Down 0.4 %

NYSE:AIT opened at $260.36 on Thursday. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. The stock has a 50-day moving average price of $258.34 and a two-hundred day moving average price of $231.65. Applied Industrial Technologies has a 1 year low of $173.73 and a 1 year high of $282.98. The stock has a market cap of $10.01 billion, a price-to-earnings ratio of 26.57, a PEG ratio of 3.59 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, beating the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the firm posted $2.39 EPS. The firm’s revenue was up .3% compared to the same quarter last year. As a group, equities analysts expect that Applied Industrial Technologies will post 9.77 earnings per share for the current year.

Insider Activity

In other Applied Industrial Technologies news, Director Mary Dean Hall sold 2,200 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total value of $605,176.00. Following the sale, the director now owns 3,462 shares in the company, valued at $952,326.96. This trade represents a 38.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Warren E. Hoffner III sold 4,000 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total value of $1,126,560.00. Following the completion of the transaction, the vice president now directly owns 55,709 shares of the company’s stock, valued at approximately $15,689,882.76. The trade was a 6.70 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. State Street Corp raised its stake in Applied Industrial Technologies by 2.4% during the third quarter. State Street Corp now owns 1,441,051 shares of the industrial products company’s stock worth $321,542,000 after buying an additional 34,113 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Applied Industrial Technologies by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,040,389 shares of the industrial products company’s stock worth $232,181,000 after acquiring an additional 40,689 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Applied Industrial Technologies by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 569,317 shares of the industrial products company’s stock valued at $127,032,000 after purchasing an additional 3,887 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Applied Industrial Technologies during the 3rd quarter worth $84,139,000. Finally, ArrowMark Colorado Holdings LLC grew its position in Applied Industrial Technologies by 9.3% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 277,335 shares of the industrial products company’s stock worth $61,882,000 after purchasing an additional 23,710 shares in the last quarter. 93.52% of the stock is owned by institutional investors.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.