ValuEngine downgraded shares of Applied Industrial Technologies, Inc. (NYSE:AIT) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
AIT has been the topic of a number of other research reports. Zacks Investment Research cut Applied Industrial Technologies from a buy rating to a hold rating in a report on Tuesday, September 12th. BidaskClub cut Applied Industrial Technologies from a hold rating to a sell rating in a report on Monday, July 24th. Finally, Northcoast Research assumed coverage on Applied Industrial Technologies in a report on Tuesday, July 25th. They set a neutral rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Applied Industrial Technologies has an average rating of Hold and an average price target of $66.00.
Applied Industrial Technologies (AIT) opened at $61.75 on Tuesday. 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 has a 1-year low of $54.00 and a 1-year high of $70.05. The stock has a market capitalization of $2,350.26, a PE ratio of 20.18, a price-to-earnings-growth ratio of 1.58 and a beta of 0.94.
Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Wednesday, October 25th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.10. Applied Industrial Technologies had a return on equity of 17.81% and a net margin of 4.95%. The firm had revenue of $680.70 million for the quarter, compared to analysts’ expectations of $668.18 million. During the same quarter last year, the business earned $0.70 earnings per share. The company’s revenue was up 8.9% compared to the same quarter last year. sell-side analysts expect that Applied Industrial Technologies will post 3.19 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Wednesday, November 15th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Tuesday, November 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 32.58%.
In other Applied Industrial Technologies news, VP Mark O. Eisele sold 8,926 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $54.64, for a total value of $487,716.64. Following the sale, the vice president now owns 129,029 shares in the company, valued at approximately $7,050,144.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mark O. Eisele sold 4,939 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $55.91, for a total value of $276,139.49. Following the completion of the sale, the vice president now owns 106,090 shares in the company, valued at approximately $5,931,491.90. The disclosure for this sale can be found here. Insiders have sold a total of 40,791 shares of company stock worth $2,244,769 in the last quarter. 3.70% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Macquarie Group Ltd. lifted its stake in Applied Industrial Technologies by 8.3% in the 2nd quarter. Macquarie Group Ltd. now owns 558,691 shares of the industrial products company’s stock valued at $32,991,000 after acquiring an additional 42,769 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Applied Industrial Technologies by 66.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 14,360 shares of the industrial products company’s stock worth $848,000 after purchasing an additional 5,716 shares during the last quarter. Chicago Equity Partners LLC increased its position in shares of Applied Industrial Technologies by 55.8% during the 2nd quarter. Chicago Equity Partners LLC now owns 57,300 shares of the industrial products company’s stock worth $3,384,000 after purchasing an additional 20,520 shares during the last quarter. NN Investment Partners Holdings N.V. increased its position in shares of Applied Industrial Technologies by 1.8% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 26,310 shares of the industrial products company’s stock worth $1,554,000 after purchasing an additional 465 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $449,000. Hedge funds and other institutional investors own 88.01% of the company’s stock.
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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