Applied Industrial Technologies, Inc. (AIT) Downgraded by BidaskClub to Sell

BidaskClub lowered shares of Applied Industrial Technologies, Inc. (NYSE:AIT) from a hold rating to a sell rating in a report published on Monday, July 24th.

A number of other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Applied Industrial Technologies from a buy rating to a hold rating in a report on Tuesday, March 28th. Wells Fargo & Company reaffirmed a market perform rating and issued a $63.00 target price (down from $67.00) on shares of Applied Industrial Technologies in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $65.50.

Shares of Applied Industrial Technologies (AIT) opened at 55.45 on Monday. The stock has a market capitalization of $2.16 billion, a P/E ratio of 20.36 and a beta of 0.95. Applied Industrial Technologies has a 52-week low of $43.50 and a 52-week high of $69.00. The firm’s 50-day moving average price is $57.53 and its 200-day moving average price is $60.68.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, August 10th. The industrial products company reported $1.34 EPS for the quarter, topping the consensus estimate of $0.78 by $0.56. Applied Industrial Technologies had a net margin of 4.20% and a return on equity of 15.70%. The firm had revenue of $681.47 million for the quarter, compared to analysts’ expectations of $680.20 million. During the same period in the previous year, the firm posted $0.66 EPS. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. Equities analysts forecast that Applied Industrial Technologies will post $2.83 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 15th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.09%. Applied Industrial Technologies’s payout ratio is presently 42.65%.

Several hedge funds have recently bought and sold shares of AIT. Neuburgh Advisers LLC raised its stake in Applied Industrial Technologies by 6.2% in the first quarter. Neuburgh Advisers LLC now owns 1,892 shares of the industrial products company’s stock valued at $117,000 after buying an additional 110 shares in the last quarter. Tyers Asset Management LLC raised its stake in shares of Applied Industrial Technologies by 6.2% in the first quarter. Tyers Asset Management LLC now owns 2,408 shares of the industrial products company’s stock worth $149,000 after buying an additional 140 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Applied Industrial Technologies by 6.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 2,677 shares of the industrial products company’s stock worth $159,000 after buying an additional 161 shares in the last quarter. Flinton Capital Management LLC raised its stake in shares of Applied Industrial Technologies by 6.2% in the first quarter. Flinton Capital Management LLC now owns 2,924 shares of the industrial products company’s stock worth $181,000 after buying an additional 170 shares in the last quarter. Finally, Ameritas Investment Partners Inc. acquired a new position in Applied Industrial Technologies during the first quarter valued at about $194,000. Institutional investors and hedge funds own 87.47% of the company’s stock.

About Applied Industrial Technologies

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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