Zacks Investment Research Downgrades Applied Industrial Technologies, Inc. (AIT) to Hold

Applied Industrial Technologies, Inc. (NYSE:AIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “Over the last month, Applied Industrial's shares outperformed the industry. The company believes that robust upstream business, sturdy performance of the U.S. fluid power business, and superior customer servicing skills will likely bolster its top-line performance in the quarters ahead. Moreover, sound restructuring moves, greater productivity and increased cost discipline are projected to strengthen the company's near-term bottom-line performances. However, the company perceives that a stronger U.S. dollar might continue to hurt its overseas market revenues in the quarters ahead. Even so, other headwinds such as increasing industry rivalry or consolidation among consumers or suppliers, might curtail near-term growth. Over the last 30 days, Zacks Consensus Estimate for the stock remained unchanged for both fiscal 2018 and 2019.”

Other research analysts have also recently issued reports about the company. ValuEngine upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday, September 6th. Wells Fargo & Company reiterated a “market perform” rating and set a $63.00 price target (down from $67.00) on shares of Applied Industrial Technologies in a research report on Wednesday, July 12th. Northcoast Research started coverage on Applied Industrial Technologies in a research report on Tuesday, July 25th. They set a “neutral” rating for the company. Finally, BidaskClub cut Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $64.50.

Shares of Applied Industrial Technologies (AIT) traded down 0.41% on Tuesday, hitting $60.45. The company had a trading volume of 32,071 shares. The stock’s 50-day moving average is $56.70 and its 200 day moving average is $59.70. Applied Industrial Technologies has a 52 week low of $43.50 and a 52 week high of $69.00. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 17.78 and a beta of 0.92.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Friday, August 11th. The industrial products company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.56. Applied Industrial Technologies had a return on equity of 15.89% and a net margin of 5.16%. The firm had revenue of $681.47 million during the quarter, compared to analysts’ expectations of $680.20 million. During the same period last year, the business posted $0.66 earnings per share. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities analysts expect that Applied Industrial Technologies will post $3.10 EPS for the current year.

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In other news, VP Mark O. Eisele sold 4,939 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $55.91, for a total value of $276,139.49. Following the completion of the sale, the vice president now directly owns 106,090 shares in the company, valued at $5,931,491.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark O. Eisele sold 11,854 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $55.76, for a total value of $660,979.04. Following the completion of the sale, the vice president now owns 147,029 shares of the company’s stock, valued at $8,198,337.04. The disclosure for this sale can be found here. Insiders sold 73,571 shares of company stock valued at $4,070,841 over the last 90 days. Company insiders own 3.70% of the company’s stock.

Several institutional investors have recently bought and sold shares of AIT. BlackRock Inc. increased its position in shares of Applied Industrial Technologies by 84,093.2% in the first quarter. BlackRock Inc. now owns 5,566,855 shares of the industrial products company’s stock valued at $344,310,000 after buying an additional 5,560,243 shares in the last quarter. Koch Industries Inc. increased its position in shares of Applied Industrial Technologies by 8,147.3% in the second quarter. Koch Industries Inc. now owns 297,728 shares of the industrial products company’s stock valued at $293,000 after buying an additional 294,118 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Applied Industrial Technologies by 51.0% in the second quarter. Principal Financial Group Inc. now owns 717,817 shares of the industrial products company’s stock valued at $42,387,000 after buying an additional 242,556 shares in the last quarter. AJO LP purchased a new stake in shares of Applied Industrial Technologies in the second quarter valued at approximately $11,749,000. Finally, Prudential Financial Inc. increased its position in shares of Applied Industrial Technologies by 81.4% in the first quarter. Prudential Financial Inc. now owns 421,168 shares of the industrial products company’s stock valued at $26,049,000 after buying an additional 188,930 shares in the last quarter. Institutional investors and hedge funds own 87.53% of the company’s stock.

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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