Applied Industrial Technologies (AIT) Stock Rating Upgraded by Wellington Shields

Applied Industrial Technologies (NYSE:AIT) was upgraded by analysts at Wellington Shields to a “hold” rating in a research report issued on Tuesday.

Several other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, December 26th. ValuEngine cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, November 14th. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Applied Industrial Technologies currently has an average rating of “Hold” and an average target price of $67.00.

Applied Industrial Technologies (NYSE AIT) opened at $69.40 on Tuesday. The company has a market capitalization of $2,637.49, a P/E ratio of 19.49, a PEG ratio of 1.78 and a beta of 0.93. The company has a quick ratio of 1.83, a current ratio of 3.13 and a debt-to-equity ratio of 0.37. Applied Industrial Technologies has a 1-year low of $54.00 and a 1-year high of $70.05.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Wednesday, October 25th. The industrial products company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.76 by $0.10. The business had revenue of $680.70 million for the quarter, compared to the consensus estimate of $668.18 million. Applied Industrial Technologies had a return on equity of 16.25% and a net margin of 5.29%. Applied Industrial Technologies’s revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.70 EPS. research analysts anticipate that Applied Industrial Technologies will post 3.19 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its position in Applied Industrial Technologies by 0.5% in the 2nd quarter. BlackRock Inc. now owns 5,592,219 shares of the industrial products company’s stock worth $330,220,000 after purchasing an additional 25,364 shares during the last quarter. Vanguard Group Inc. raised its position in Applied Industrial Technologies by 4.8% in the 2nd quarter. Vanguard Group Inc. now owns 3,662,402 shares of the industrial products company’s stock worth $216,264,000 after purchasing an additional 166,858 shares during the last quarter. JPMorgan Chase & Co. raised its position in Applied Industrial Technologies by 4.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,007,925 shares of the industrial products company’s stock worth $118,568,000 after purchasing an additional 94,681 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Applied Industrial Technologies by 6.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,178,032 shares of the industrial products company’s stock valued at $77,513,000 after acquiring an additional 68,270 shares during the last quarter. Finally, State Street Corp raised its position in shares of Applied Industrial Technologies by 11.2% during the 2nd quarter. State Street Corp now owns 1,003,427 shares of the industrial products company’s stock valued at $59,253,000 after acquiring an additional 101,228 shares during the last quarter. Hedge funds and other institutional investors own 87.89% of the company’s stock.

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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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