Applied Industrial Technologies (AIT) Upgraded by Zacks Investment Research to Buy

Applied Industrial Technologies (NYSE:AIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $78.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.47% from the company’s current price.

According to Zacks, “In a month, Applied Industrial's shares have outperformed the industry. In the quarters ahead, the company will gain from its healthy service-center distribution, upstream oil and gas and fluid power businesses. These along with benefits from acquired assets will drive revenues, while higher sales and greater cost and operational discipline will boost margins. In first-quarter fiscal 2018, the company's earnings of 86 cents per share surpassed the Zacks Consensus Estimate of 76 cents. Quarterly revenues outpaced the Zacks Consensus Estimate by 2.1%. The stellar performance was backed by robust demand, acquisition-related benefits and favorable foreign currency-translation impact.”

A number of other research firms also recently issued reports on AIT. ValuEngine downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Wellington Shields upgraded Applied Industrial Technologies from a “hold” rating to a “gradually accumulate” rating in a research note on Wednesday, December 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $70.50.

Applied Industrial Technologies (NYSE:AIT) traded down $1.25 on Thursday, hitting $69.35. The stock had a trading volume of 367,200 shares, compared to its average volume of 309,257. Applied Industrial Technologies has a fifty-two week low of $54.00 and a fifty-two week high of $71.60. The stock has a market cap of $2,730.00, a P/E ratio of 19.48, a P/E/G ratio of 1.84 and a beta of 0.93. The company has a current ratio of 3.13, a quick ratio of 1.83 and a debt-to-equity ratio of 0.37.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.10. The business had revenue of $680.70 million for the quarter, compared to the consensus estimate of $668.18 million. Applied Industrial Technologies had a return on equity of 16.25% and a net margin of 5.29%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.70 EPS. analysts forecast that Applied Industrial Technologies will post 3.19 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the stock. Sit Investment Associates Inc. grew its stake in Applied Industrial Technologies by 415.5% during the 4th quarter. Sit Investment Associates Inc. now owns 23,715 shares of the industrial products company’s stock worth $1,615,000 after buying an additional 19,115 shares during the last quarter. Fruth Investment Management grew its stake in Applied Industrial Technologies by 19.9% during the 4th quarter. Fruth Investment Management now owns 24,700 shares of the industrial products company’s stock worth $1,682,000 after buying an additional 4,100 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in Applied Industrial Technologies by 243.7% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 14,733 shares of the industrial products company’s stock worth $969,000 after buying an additional 10,447 shares during the last quarter. Algert Global LLC grew its stake in Applied Industrial Technologies by 31.9% during the 3rd quarter. Algert Global LLC now owns 49,744 shares of the industrial products company’s stock worth $3,273,000 after buying an additional 12,026 shares during the last quarter. Finally, California Public Employees Retirement System grew its stake in Applied Industrial Technologies by 3.5% during the 3rd quarter. California Public Employees Retirement System now owns 118,580 shares of the industrial products company’s stock worth $7,803,000 after buying an additional 3,980 shares during the last quarter. Hedge funds and other institutional investors own 87.89% of the company’s stock.

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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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