Applied Industrial Technologies (NYSE:AIT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Applied Industrial Technologies (NYSE:AIT) from a hold rating to a buy rating in a research report report published on Sunday,Wall Street Zen reports.

Several other brokerages also recently weighed in on AIT. KeyCorp upped their target price on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. Bank of America raised their price target on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a report on Friday, August 14th. Mizuho raised their price target on Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Oppenheimer boosted their price objective on Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Finally, Robert W. Baird increased their target price on Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat.com, Applied Industrial Technologies presently has a consensus rating of “Buy” and an average price target of $400.00.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $333.00 on Friday. The company has a market capitalization of $12.23 billion, a P/E ratio of 30.46, a P/E/G ratio of 2.68 and a beta of 0.85. Applied Industrial Technologies has a 1-year low of $238.34 and a 1-year high of $374.80. The firm’s 50 day simple moving average is $335.84 and its two-hundred day simple moving average is $320.90. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.25. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the company posted $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Research analysts expect that Applied Industrial Technologies will post 11.96 EPS 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 on Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO David Wells sold 1,812 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total transaction of $643,441.20. Following the transaction, the chief financial officer owned 32,050 shares of the company’s stock, valued at approximately $11,380,955. This represents a 5.35% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Applied Industrial Technologies

Several hedge funds have recently bought and sold shares of AIT. Sanctuary Advisors LLC increased its stake in Applied Industrial Technologies by 4.5% in the first quarter. Sanctuary Advisors LLC now owns 1,160 shares of the industrial products company’s stock worth $308,000 after purchasing an additional 50 shares during the period. Parkside Financial Bank & Trust lifted its position in shares of Applied Industrial Technologies by 16.5% during the second quarter. Parkside Financial Bank & Trust now owns 501 shares of the industrial products company’s stock worth $169,000 after purchasing an additional 71 shares during the last quarter. Krilogy Financial LLC boosted its stake in shares of Applied Industrial Technologies by 4.0% during the third quarter. Krilogy Financial LLC now owns 1,948 shares of the industrial products company’s stock valued at $650,000 after purchasing an additional 75 shares during the period. State of Wyoming boosted its stake in shares of Applied Industrial Technologies by 6.8% during the first quarter. State of Wyoming now owns 1,265 shares of the industrial products company’s stock valued at $336,000 after purchasing an additional 80 shares during the period. Finally, State of Michigan Retirement System grew its holdings in shares of Applied Industrial Technologies by 1.1% in the first quarter. State of Michigan Retirement System now owns 9,000 shares of the industrial products company’s stock worth $2,388,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

About Applied Industrial Technologies

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.