Applied Industrial Technologies (AIT) Reaches New 52-Week Low at $59.01

Applied Industrial Technologies (NYSE:AIT)’s share price hit a new 52-week low during trading on Thursday . The company traded as low as $59.01 and last traded at $60.05, with a volume of 61521 shares traded. The stock had previously closed at $61.61.

AIT has been the topic of a number of analyst reports. Zacks Investment Research cut Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Wells Fargo & Co reduced their target price on Applied Industrial Technologies from $80.00 to $75.00 and set a “market perform” rating on the stock in a research note on Thursday, November 1st. Wellington Shields raised Applied Industrial Technologies from a “gradually accumulate” rating to a “buy” rating in a research note on Monday, August 13th. Northcoast Research reissued a “neutral” rating on shares of Applied Industrial Technologies in a research note on Friday, August 10th. Finally, ValuEngine raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday, September 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $79.00.

The company has a quick ratio of 1.67, a current ratio of 2.76 and a debt-to-equity ratio of 1.09. The company has a market cap of $2.39 billion, a PE ratio of 16.16, a P/E/G ratio of 1.07 and a beta of 1.11.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Wednesday, October 31st. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.12 by $0.12. Applied Industrial Technologies had a return on equity of 19.66% and a net margin of 4.82%. The firm had revenue of $864.50 million for the quarter, compared to analysts’ expectations of $874.74 million. During the same period in the previous year, the firm earned $0.86 earnings per share. The business’s revenue was up 27.0% compared to the same quarter last year. As a group, analysts anticipate that Applied Industrial Technologies will post 4.8 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 30th. Stockholders of record on Thursday, November 15th were paid a dividend of $0.30 per share. The ex-dividend date was Wednesday, November 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.99%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 32.09%.

In other news, Director Green Edith Kelly sold 7,090 shares of the business’s stock in a transaction that occurred on Wednesday, November 14th. The stock was sold at an average price of $65.51, for a total transaction of $464,465.90. Following the transaction, the director now directly owns 19,240 shares of the company’s stock, valued at $1,260,412.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.10% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AIT. Aperio Group LLC boosted its position in shares of Applied Industrial Technologies by 22.4% during the second quarter. Aperio Group LLC now owns 16,723 shares of the industrial products company’s stock valued at $1,173,000 after purchasing an additional 3,056 shares in the last quarter. Alps Advisors Inc. boosted its position in shares of Applied Industrial Technologies by 22.3% during the second quarter. Alps Advisors Inc. now owns 7,957 shares of the industrial products company’s stock valued at $542,000 after purchasing an additional 1,452 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Applied Industrial Technologies by 85.2% during the second quarter. Commonwealth Equity Services LLC now owns 9,566 shares of the industrial products company’s stock valued at $671,000 after purchasing an additional 4,401 shares in the last quarter. Comerica Bank boosted its position in shares of Applied Industrial Technologies by 2.8% during the second quarter. Comerica Bank now owns 60,850 shares of the industrial products company’s stock valued at $4,436,000 after purchasing an additional 1,676 shares in the last quarter. Finally, Smith Asset Management Group LP boosted its position in shares of Applied Industrial Technologies by 4.4% during the second quarter. Smith Asset Management Group LP now owns 32,282 shares of the industrial products company’s stock valued at $2,265,000 after purchasing an additional 1,360 shares in the last quarter. Institutional investors own 88.14% of the company’s stock.

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Applied Industrial Technologies Company Profile (NYSE:AIT)

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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