Applied Industrial Technologies (NYSE:AIT) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Applied Industrial Technologies (NYSE:AIT) from a buy rating to a hold rating in a report issued on Saturday,Wall Street Zen reports.

AIT has been the subject of several other reports. KeyCorp boosted their price objective on Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. Bank of America raised their target price on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Robert W. Baird lifted their price target on Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Mizuho boosted their price target on Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Finally, DA Davidson increased their price objective on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat, Applied Industrial Technologies has an average rating of “Buy” and a consensus price target of $400.00.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $346.37 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58. The stock has a market capitalization of $12.72 billion, a PE ratio of 31.60, a P/E/G ratio of 2.76 and a beta of 0.85. Applied Industrial Technologies has a fifty-two week low of $238.34 and a fifty-two week high of $374.80. The company has a fifty day moving average of $337.08 and a two-hundred day moving average of $317.71.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.25. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, research analysts forecast that Applied Industrial Technologies will post 11.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Industrial Technologies

In other news, Director Peter Wallace sold 1,904 shares of the business’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total transaction of $648,216.80. Following the transaction, the director owned 22,859 shares of the company’s stock, valued at approximately $7,782,346.55. The trade was a 7.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO David Wells sold 1,812 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the completion of the sale, the chief financial officer directly owned 32,050 shares of the company’s stock, valued at $11,380,955. This represents a 5.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Industrial Technologies

Several institutional investors and hedge funds have recently bought and sold shares of AIT. Polaris Financial Partners purchased a new stake in shares of Applied Industrial Technologies during the 3rd quarter valued at approximately $337,000. Cim Investment Management Inc. lifted its holdings in Applied Industrial Technologies by 7.3% in the second quarter. Cim Investment Management Inc. now owns 2,022 shares of the industrial products company’s stock valued at $684,000 after acquiring an additional 137 shares during the last quarter. QRG Capital Management Inc. grew its position in Applied Industrial Technologies by 10.5% in the second quarter. QRG Capital Management Inc. now owns 7,159 shares of the industrial products company’s stock worth $2,421,000 after acquiring an additional 680 shares during the period. Sequoia Financial Advisors LLC grew its position in Applied Industrial Technologies by 3.5% in the second quarter. Sequoia Financial Advisors LLC now owns 3,508 shares of the industrial products company’s stock worth $1,186,000 after acquiring an additional 117 shares during the period. Finally, Tidal Investments LLC increased its stake in Applied Industrial Technologies by 9.1% during the second quarter. Tidal Investments LLC now owns 105,068 shares of the industrial products company’s stock worth $35,529,000 after acquiring an additional 8,801 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc is a distributor and value-added service provider of industrial products and engineered solutions. The company supplies products used to maintain, repair and operate manufacturing, processing, infrastructure and other industrial facilities, including bearings, power-transmission components, fluid-power equipment, industrial motion products, automation technologies, safety products and related supplies.

In addition to distributing products from leading manufacturers, Applied Industrial Technologies provides technical support, engineering, fabrication, repair and maintenance services.