Applied Industrial Technologies (AIT) Receives Average Rating of “Hold” from Brokerages

Shares of Applied Industrial Technologies (NYSE:AIT) have received an average recommendation of “Hold” from the six research firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $68.50.

AIT has been the subject of a number of analyst reports. ValuEngine upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Zacks Investment Research upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a research note on Tuesday, April 3rd.

In other Applied Industrial Technologies news, Director Peter C. Wallace sold 3,700 shares of the firm’s stock in a transaction dated Thursday, June 7th. The shares were sold at an average price of $73.04, for a total transaction of $270,248.00. Following the completion of the sale, the director now directly owns 25,337 shares in the company, valued at approximately $1,850,614.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Peter C. Wallace sold 737 shares of the firm’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $73.04, for a total transaction of $53,830.48. Following the sale, the director now owns 22,374 shares of the company’s stock, valued at $1,634,196.96. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in AIT. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Applied Industrial Technologies by 39.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,600 shares of the industrial products company’s stock worth $177,000 after acquiring an additional 730 shares during the period. Aperio Group LLC grew its stake in shares of Applied Industrial Technologies by 15.7% in the fourth quarter. Aperio Group LLC now owns 12,954 shares of the industrial products company’s stock worth $882,000 after acquiring an additional 1,761 shares during the period. Teacher Retirement System of Texas grew its stake in shares of Applied Industrial Technologies by 314.4% in the fourth quarter. Teacher Retirement System of Texas now owns 13,367 shares of the industrial products company’s stock worth $910,000 after acquiring an additional 10,141 shares during the period. California Public Employees Retirement System grew its stake in shares of Applied Industrial Technologies by 4.2% in the fourth quarter. California Public Employees Retirement System now owns 123,516 shares of the industrial products company’s stock worth $8,411,000 after acquiring an additional 4,936 shares during the period. Finally, Swiss National Bank grew its stake in shares of Applied Industrial Technologies by 2.3% in the fourth quarter. Swiss National Bank now owns 66,500 shares of the industrial products company’s stock worth $4,529,000 after acquiring an additional 1,500 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

NYSE AIT traded down $2.20 during trading hours on Wednesday, reaching $72.60. 178,100 shares of the company’s stock traded hands, compared to its average volume of 240,210. Applied Industrial Technologies has a 52-week low of $54.00 and a 52-week high of $76.20. The stock has a market cap of $2.89 billion, a P/E ratio of 26.00, a price-to-earnings-growth ratio of 1.69 and a beta of 0.94. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.84 and a quick ratio of 1.67.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, April 26th. The industrial products company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.11. The business had revenue of $827.67 million during the quarter, compared to analyst estimates of $803.23 million. Applied Industrial Technologies had a net margin of 5.40% and a return on equity of 17.52%. Applied Industrial Technologies’s revenue was up 21.8% compared to the same quarter last year. During the same period last year, the business earned $0.75 EPS. research analysts expect that Applied Industrial Technologies will post 3.69 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 31st. Shareholders of record on Wednesday, August 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, August 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.65%. Applied Industrial Technologies’s dividend payout ratio is currently 42.25%.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial products in the United States, Puerto Rico, Canada, Mexico, 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 Businesses.

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