Wells Fargo & Co Trims Applied Industrial Technologies (NYSE:AIT) Target Price to $55.00

Applied Industrial Technologies (NYSE:AIT) had its price target reduced by Wells Fargo & Co from $60.00 to $55.00 in a research report sent to investors on Thursday, The Fly reports. Wells Fargo & Co currently has a market perform rating on the industrial products company’s stock.

A number of other equities analysts have also recently commented on AIT. ValuEngine upgraded shares of Applied Industrial Technologies from a sell rating to a hold rating in a research report on Thursday, August 1st. KeyCorp reiterated an overweight rating and issued a $65.00 target price (down previously from $70.00) on shares of Applied Industrial Technologies in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Applied Industrial Technologies presently has an average rating of Hold and a consensus target price of $63.33.

Shares of NYSE:AIT opened at $53.20 on Thursday. The stock has a market cap of $2.03 billion, a PE ratio of 12.06 and a beta of 1.31. The company’s fifty day moving average is $58.55 and its 200 day moving average is $58.32. Applied Industrial Technologies has a 52 week low of $49.45 and a 52 week high of $82.35. The company has a quick ratio of 1.61, a current ratio of 2.71 and a debt-to-equity ratio of 1.01.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Wednesday, August 14th. The industrial products company reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.17). The business had revenue of $882.70 million during the quarter, compared to analysts’ expectations of $919.72 million. Applied Industrial Technologies had a return on equity of 19.53% and a net margin of 4.15%. Applied Industrial Technologies’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.03 EPS. Sell-side analysts anticipate that Applied Industrial Technologies will post 4.4 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 15th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Wednesday, August 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 28.12%.

A number of institutional investors have recently made changes to their positions in AIT. FinTrust Capital Advisors LLC grew its holdings in Applied Industrial Technologies by 174.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 437 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 278 shares during the last quarter. Parallel Advisors LLC bought a new stake in Applied Industrial Technologies in the 2nd quarter worth $32,000. Rockefeller Capital Management L.P. grew its holdings in Applied Industrial Technologies by 124.2% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 621 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 344 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in Applied Industrial Technologies in the 2nd quarter worth $116,000. Finally, Quantamental Technologies LLC grew its holdings in Applied Industrial Technologies by 23.5% in the 2nd quarter. Quantamental Technologies LLC now owns 2,099 shares of the industrial products company’s stock worth $129,000 after acquiring an additional 400 shares during the last quarter. 88.50% of the stock is currently owned by institutional investors and hedge funds.

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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