Zacks Investment Research downgraded shares of Applied Industrial Technologies, Inc. (NYSE:AIT) from a buy rating to a hold rating in a research note issued to investors on Tuesday.
According to Zacks, “Over the last month, Applied Industrial’s shares outperformed the industry. The company believes that robust upstream business, sturdy performance of the U.S. fluid power business, and superior customer servicing skills will likely bolster its top-line performance in the quarters ahead. Moreover, sound restructuring moves, greater productivity and increased cost discipline are projected to strengthen the company’s near-term bottom-line performances. However, the company perceives that a stronger U.S. dollar might continue to hurt its overseas market revenues in the quarters ahead. Even so, other headwinds such as increasing industry rivalry or consolidation among consumers or suppliers, might curtail near-term growth. Over the last 30 days, Zacks Consensus Estimate for the stock moved north for fiscal 2018 but remained unchanged for fiscal 2019.”
Other equities analysts have also issued reports about the stock. ValuEngine upgraded shares of Applied Industrial Technologies from a hold rating to a buy rating in a report on Wednesday, September 6th. Wells Fargo & Company reiterated a market perform rating and set a $63.00 target price (down from $67.00) on shares of Applied Industrial Technologies in a report on Wednesday, July 12th. Northcoast Research initiated coverage on shares of Applied Industrial Technologies in a report on Tuesday, July 25th. They set a neutral rating for the company. Finally, BidaskClub lowered shares of Applied Industrial Technologies from a hold rating to a sell rating in a report on Monday, July 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $64.00.
Shares of Applied Industrial Technologies (AIT) opened at 59.15 on Tuesday. The company has a 50-day moving average price of $56.29 and a 200-day moving average price of $59.83. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of 17.40 and a beta of 0.92. Applied Industrial Technologies has a 12 month low of $43.50 and a 12 month high of $69.00.
Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Friday, August 11th. The industrial products company reported $1.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.56. Applied Industrial Technologies had a net margin of 5.16% and a return on equity of 15.89%. The business had revenue of $681.47 million during the quarter, compared to analyst estimates of $680.20 million. During the same period last year, the business posted $0.66 earnings per share. Applied Industrial Technologies’s quarterly revenue was up 7.5% compared to the same quarter last year. On average, equities analysts anticipate that Applied Industrial Technologies will post $3.10 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Tuesday, August 15th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend was Friday, August 11th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 34.12%.
In related news, VP Mark O. Eisele sold 4,939 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $55.91, for a total transaction of $276,139.49. Following the completion of the sale, the vice president now owns 106,090 shares of the company’s stock, valued at $5,931,491.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Mark O. Eisele sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $56.11, for a total transaction of $336,660.00. Following the sale, the vice president now directly owns 153,029 shares of the company’s stock, valued at approximately $8,586,457.19. The disclosure for this sale can be found here. Insiders have sold 73,571 shares of company stock valued at $4,070,841 in the last three months. 4.40% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the business. Neuburgh Advisers LLC grew its position in Applied Industrial Technologies by 6.2% in the 1st quarter. Neuburgh Advisers LLC now owns 1,892 shares of the industrial products company’s stock worth $117,000 after purchasing an additional 110 shares during the period. Tyers Asset Management LLC grew its position in Applied Industrial Technologies by 6.2% in the 1st quarter. Tyers Asset Management LLC now owns 2,408 shares of the industrial products company’s stock worth $149,000 after purchasing an additional 140 shares during the period. Envestnet Asset Management Inc. grew its position in Applied Industrial Technologies by 2.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 2,741 shares of the industrial products company’s stock worth $170,000 after purchasing an additional 64 shares during the period. Flinton Capital Management LLC grew its position in Applied Industrial Technologies by 6.2% in the 1st quarter. Flinton Capital Management LLC now owns 2,924 shares of the industrial products company’s stock worth $181,000 after purchasing an additional 170 shares during the period. Finally, Ameritas Investment Partners Inc. bought a new stake in Applied Industrial Technologies in the 1st quarter worth approximately $194,000. 88.03% of the stock is owned by institutional investors and hedge funds.
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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