Wells Fargo & Co Lowers Applied Industrial Technologies (AIT) Price Target to $75.00

Applied Industrial Technologies (NYSE:AIT) had its target price cut by analysts at Wells Fargo & Co from $80.00 to $75.00 in a report issued on Thursday. The brokerage presently has a “market perform” rating on the industrial products company’s stock. Wells Fargo & Co’s price objective indicates a potential upside of 12.21% from the stock’s current price.

A number of other research analysts also recently commented on AIT. Wellington Shields upgraded shares of Applied Industrial Technologies from a “gradually accumulate” rating to a “buy” rating in a research note on Monday, August 13th. Zacks Investment Research upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $83.00 price objective on the stock in a research note on Monday, August 13th. Northcoast Research reiterated a “neutral” rating on shares of Applied Industrial Technologies in a research note on Friday, August 10th. Finally, ValuEngine upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday, September 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. Applied Industrial Technologies has an average rating of “Hold” and an average price target of $79.00.

NYSE AIT opened at $66.84 on Thursday. Applied Industrial Technologies has a 12 month low of $59.65 and a 12 month high of $82.35. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.47 and a current ratio of 2.76. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 16.07, a P/E/G ratio of 1.14 and a beta of 1.12.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Wednesday, October 31st. The industrial products company reported $1.24 EPS for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.12. Applied Industrial Technologies had a net margin of 4.82% and a return on equity of 19.66%. The firm had revenue of $864.50 million for the quarter, compared to the consensus estimate of $874.74 million. During the same period in the prior year, the firm posted $0.86 EPS. The firm’s revenue was up 27.0% compared to the same quarter last year. On average, research analysts expect that Applied Industrial Technologies will post 4.8 EPS for the current fiscal year.

In other Applied Industrial Technologies news, Director L Thomas Hiltz sold 12,500 shares of the stock in a transaction on Monday, August 20th. The shares were sold at an average price of $77.15, for a total transaction of $964,375.00. Following the sale, the director now directly owns 1,544 shares of the company’s stock, valued at $119,119.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.10% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the business. Rhumbline Advisers raised its holdings in shares of Applied Industrial Technologies by 2.0% during the second quarter. Rhumbline Advisers now owns 98,650 shares of the industrial products company’s stock worth $6,920,000 after purchasing an additional 1,891 shares during the period. Paloma Partners Management Co acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth $248,000. California Public Employees Retirement System raised its holdings in shares of Applied Industrial Technologies by 0.9% during the second quarter. California Public Employees Retirement System now owns 126,592 shares of the industrial products company’s stock worth $8,880,000 after purchasing an additional 1,120 shares during the period. Piedmont Investment Advisors LLC raised its holdings in shares of Applied Industrial Technologies by 9.0% during the second quarter. Piedmont Investment Advisors LLC now owns 9,009 shares of the industrial products company’s stock worth $632,000 after purchasing an additional 743 shares during the period. Finally, OppenheimerFunds Inc. raised its holdings in shares of Applied Industrial Technologies by 11.9% during the second quarter. OppenheimerFunds Inc. now owns 25,294 shares of the industrial products company’s stock worth $1,774,000 after purchasing an additional 2,688 shares during the period. 89.36% of the stock is currently owned by institutional investors.

About Applied Industrial Technologies

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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