Applied Industrial Technologies (NYSE:AIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage currently has a $78.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.11% from the stock’s previous close.
According to Zacks, “In a month, Applied Industrial's shares have outperformed the industry. In the quarters ahead, the company will gain from its healthy service-center distribution, upstream oil and gas and fluid power businesses. These along with benefits from acquired assets will drive revenues, while higher sales and greater cost and operational discipline will boost margins. In first-quarter fiscal 2018, the company's earnings of 86 cents per share surpassed the Zacks Consensus Estimate of 76 cents. Quarterly revenues outpaced the Zacks Consensus Estimate by 2.1%. The stellar performance was backed by robust demand, acquisition-related benefits and favorable foreign currency-translation impact.”
Other equities research analysts also recently issued reports about the stock. Wellington Shields upgraded shares of Applied Industrial Technologies from a “hold” rating to a “gradually accumulate” rating in a research note on Wednesday, December 27th. ValuEngine downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $70.50.
Applied Industrial Technologies (NYSE:AIT) traded down $0.80 during trading hours on Thursday, hitting $70.20. 248,228 shares of the stock traded hands, compared to its average volume of 234,820. Applied Industrial Technologies has a 1-year low of $54.00 and a 1-year high of $71.60. The company has a quick ratio of 1.83, a current ratio of 3.13 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $2,720.00, a P/E ratio of 19.72, a P/E/G ratio of 1.81 and a beta of 0.93.
Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $0.86 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.10. Applied Industrial Technologies had a net margin of 5.29% and a return on equity of 16.25%. The business had revenue of $680.70 million during the quarter, compared to the consensus estimate of $668.18 million. During the same period in the previous year, the firm posted $0.70 earnings per share. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. research analysts forecast that Applied Industrial Technologies will post 3.26 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of AIT. Riverhead Capital Management LLC lifted its position in Applied Industrial Technologies by 57.0% during the second quarter. Riverhead Capital Management LLC now owns 3,298 shares of the industrial products company’s stock valued at $195,000 after purchasing an additional 1,198 shares during the period. Ameritas Investment Partners Inc. lifted its position in Applied Industrial Technologies by 7.2% during the second quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock valued at $199,000 after purchasing an additional 226 shares during the period. Hartford Investment Management Co. acquired a new position in Applied Industrial Technologies during the third quarter valued at $207,000. Teacher Retirement System of Texas acquired a new position in Applied Industrial Technologies during the third quarter valued at $212,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in Applied Industrial Technologies during the third quarter valued at $223,000. 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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