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.

Several other research analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Applied Industrial Technologies from a strong-buy rating to a hold rating in a research report on Tuesday, June 27th. Wells Fargo & Company restated a market perform rating and set a $63.00 target price (down from $67.00) on shares of Applied Industrial Technologies in a research report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $62.00.

Shares of Applied Industrial Technologies (AIT) traded down 1.27% during midday trading on Monday, reaching $54.40. The company’s stock had a trading volume of 409,722 shares. Applied Industrial Technologies has a 52 week low of $43.50 and a 52 week high of $69.00. The company has a 50 day moving average of $57.19 and a 200-day moving average of $60.42. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 16.00 and a beta of 0.95.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Friday, August 11th. The industrial products company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.56. The firm had revenue of $681.47 million during the quarter, compared to analysts’ expectations of $680.20 million. Applied Industrial Technologies had a net margin of 5.16% and a return on equity of 15.89%. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.66 earnings per share. Equities research analysts predict that Applied Industrial Technologies will post $3.10 earnings per share for the current year.

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The business 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 is Friday, August 11th. This represents a $1.16 annualized dividend and a yield of 2.13%. Applied Industrial Technologies’s payout ratio is currently 34.12%.

In related news, VP Mark O. Eisele sold 6,000 shares of the company’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 transaction, the vice president now owns 153,029 shares of the company’s stock, valued at $8,586,457.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark O. Eisele sold 11,854 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $55.76, for a total transaction of $660,979.04. Following the transaction, the vice president now directly owns 147,029 shares in the company, valued at approximately $8,198,337.04. The disclosure for this sale can be found here. Insiders sold 23,854 shares of company stock worth $1,339,159 over the last quarter. Company insiders own 4.40% of the company’s stock.

A number of institutional investors have recently bought and sold shares of AIT. BlackRock Inc. increased its position in Applied Industrial Technologies by 0.5% in the second quarter. BlackRock Inc. now owns 5,592,219 shares of the industrial products company’s stock worth $330,220,000 after buying an additional 25,364 shares in the last quarter. Vanguard Group Inc. increased its position in Applied Industrial Technologies by 4.8% in the second quarter. Vanguard Group Inc. now owns 3,662,402 shares of the industrial products company’s stock worth $216,264,000 after buying an additional 166,858 shares in the last quarter. JPMorgan Chase & Co. increased its position in Applied Industrial Technologies by 4.9% in the second quarter. JPMorgan Chase & Co. now owns 2,007,925 shares of the industrial products company’s stock worth $118,568,000 after buying an additional 94,681 shares in the last quarter. State Street Corp increased its position in Applied Industrial Technologies by 11.2% in the second quarter. State Street Corp now owns 1,003,427 shares of the industrial products company’s stock worth $59,253,000 after buying an additional 101,228 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Applied Industrial Technologies by 27.2% in the first quarter. Bank of New York Mellon Corp now owns 755,638 shares of the industrial products company’s stock worth $46,736,000 after buying an additional 161,540 shares in the last quarter. 87.61% of the stock is currently owned by institutional investors.

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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