Applied Industrial Technologies (NYSE:AIT) Stock Gets Price Target Cut from Mizuho

Applied Industrial Technologies (NYSE:AIT) had its target price cut by Mizuho from $400.00 to $390.00 in a research report sent to investors on Thursday morning, MarketBeat Ratings reports. They currently have an outperform rating on the industrial products company’s stock.

A number of other equities analysts also recently issued reports on AIT. Oppenheimer raised their price objective on Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Weiss Ratings upgraded Applied Industrial Technologies from a “buy (b)” rating to a “buy (a-)” rating in a report on Thursday, October 8th. Wall Street Zen upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Sunday, October 11th. Bank of America increased their target price on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Finally, Robert W. Baird raised their price target on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $398.33.

Applied Industrial Technologies Price Performance

AIT stock opened at $330.13 on Thursday. The company has a market capitalization of $12.13 billion, a P/E ratio of 30.12, a PEG ratio of 2.64 and a beta of 0.85. The company has a fifty day moving average price of $334.30 and a 200-day moving average price of $322.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58. Applied Industrial Technologies has a 52-week low of $238.72 and a 52-week high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.25. The company had revenue of $1.35 billion for 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%. Applied Industrial Technologies’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, equities analysts expect that Applied Industrial Technologies will post 12.00 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Applied Industrial Technologies

Large investors have recently added to or reduced their stakes in the business. Hudock Inc. increased its stake in shares of Applied Industrial Technologies by 5.1% during the 3rd quarter. Hudock Inc. now owns 657 shares of the industrial products company’s stock worth $218,000 after purchasing an additional 32 shares during the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Applied Industrial Technologies by 4.5% in the 1st 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 stake in Applied Industrial Technologies by 16.5% in the second quarter. Parkside Financial Bank & Trust now owns 501 shares of the industrial products company’s stock valued at $169,000 after purchasing an additional 71 shares during the last quarter. Krilogy Financial LLC lifted its stake in Applied Industrial Technologies by 4.0% in 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 last quarter. Finally, Alpine Bank Wealth Management bought a new position in Applied Industrial Technologies during the third quarter valued at $25,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

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.