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Equities research analysts at StockNews.com started coverage on shares of Applied Industrial Technologies (NYSE:AIT - Get Rating) in a note issued to investors on Wednesday. The brokerage set a "buy" rating on the industrial products company's stock.
AIT has been the topic of several other reports. Robert W. Baird lowered shares of Applied Industrial Technologies from an "outperform" rating to a "neutral" rating and increased their target price for the stock from $115.00 to $129.00 in a research note on Friday, August 12th. KeyCorp reduced their price target on shares of Applied Industrial Technologies from $140.00 to $130.00 and set an "overweight" rating for the company in a report on Wednesday, September 28th.Applied Industrial Technologies Stock Performance
Shares of AIT stock opened at $109.19 on Wednesday. The business's 50 day simple moving average is $107.05 and its 200 day simple moving average is $102.04. Applied Industrial Technologies has a one year low of $88.09 and a one year high of $121.20. The stock has a market capitalization of $4.21 billion, a PE ratio of 16.57 and a beta of 1.13. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.72 and a quick ratio of 1.82.
Applied Industrial Technologies (NYSE:AIT - Get Rating) last announced its earnings results on Thursday, August 11th. The industrial products company reported $2.02 EPS for the quarter, beating the consensus estimate of $1.68 by $0.34. Applied Industrial Technologies had a return on equity of 24.25% and a net margin of 6.76%. The business had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $977.43 million. During the same period in the prior year, the business posted $1.51 earnings per share. The firm's revenue was up 18.5% on a year-over-year basis. As a group, research analysts forecast that Applied Industrial Technologies will post 7.19 earnings per share for the current year. Insiders Place Their Bets
In other news, Director Vincent K. Petrella sold 3,114 shares of Applied Industrial Technologies stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $114.76, for a total transaction of $357,362.64. Following the completion of the transaction, the director now directly owns 18,666 shares in the company, valued at $2,142,110.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Vincent K. Petrella sold 3,114 shares of Applied Industrial Technologies stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $114.76, for a total transaction of $357,362.64. Following the completion of the transaction, the director now directly owns 18,666 shares in the company, valued at $2,142,110.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Kurt W. Loring sold 7,146 shares of Applied Industrial Technologies stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $112.66, for a total transaction of $805,068.36. Following the transaction, the vice president now owns 24,632 shares of the company's stock, valued at $2,775,041.12. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company's stock. Institutional Trading of Applied Industrial Technologies
Several hedge funds have recently added to or reduced their stakes in AIT. Maryland State Retirement & Pension System raised its position in shares of Applied Industrial Technologies by 0.8% in the first quarter. Maryland State Retirement & Pension System now owns 15,421 shares of the industrial products company's stock valued at $1,583,000 after purchasing an additional 121 shares during the period. Wedge Capital Management L L P NC increased its holdings in Applied Industrial Technologies by 11.3% during the 1st quarter. Wedge Capital Management L L P NC now owns 3,775 shares of the industrial products company's stock worth $388,000 after acquiring an additional 383 shares during the period. Foundry Partners LLC bought a new stake in Applied Industrial Technologies during the 1st quarter worth approximately $320,000. CWM LLC increased its holdings in Applied Industrial Technologies by 61.8% during the 1st quarter. CWM LLC now owns 526 shares of the industrial products company's stock worth $54,000 after acquiring an additional 201 shares during the period. Finally, Inspire Investing LLC bought a new stake in Applied Industrial Technologies during the 1st quarter worth approximately $238,000. Institutional investors own 93.10% of the company's stock. About Applied Industrial Technologies (Get Rating)
Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates through two segments, Service Center Based Distribution, and Fluid Power & Flow Control. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.Further ReadingGet a free copy of the StockNews.com research report on Applied Industrial Technologies (AIT)3 Oil Stocks That Are Heating Back UpIs Pfizer Stock Still Worth Buying After the Pandemic? Why All the Buzz Around These 3 Stocks?Can Texas Pacific Land Corp. Continue its Meteoric Rise?McCormick May Get Spicy if it Improves Earnings
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