Applied Industrial Technologies (AIT) Lowered to Hold at ValuEngine

Applied Industrial Technologies (NYSE:AIT) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a report released on Tuesday, November 14th.

AIT has been the subject of several other reports. Zacks Investment Research cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, September 12th. BidaskClub cut Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Finally, Northcoast Research started coverage on Applied Industrial Technologies in a research report on Tuesday, July 25th. They set a “neutral” rating for the company. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $66.00.

Applied Industrial Technologies (AIT) traded down $0.15 during mid-day trading on Tuesday, hitting $63.80. The company had a trading volume of 184,565 shares, compared to its average volume of 203,257. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.13 and a quick ratio of 1.83. The stock has a market cap of $2,480.00, a P/E ratio of 21.27, a PEG ratio of 1.67 and a beta of 0.93. Applied Industrial Technologies has a 52-week low of $54.00 and a 52-week high of $70.05.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.10. Applied Industrial Technologies had a return on equity of 16.25% and a net margin of 5.29%. The firm had revenue of $680.70 million for the quarter, compared to the consensus estimate of $668.18 million. During the same quarter in the previous year, the business earned $0.70 EPS. The company’s quarterly 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 fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of AIT. Riverhead Capital Management LLC raised its stake in shares of Applied Industrial Technologies by 57.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,298 shares of the industrial products company’s stock worth $195,000 after buying an additional 1,198 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of Applied Industrial Technologies by 7.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock worth $199,000 after buying an additional 226 shares in the last quarter. Paradigm Asset Management Co. LLC raised its stake in shares of Applied Industrial Technologies by 59.1% during the 2nd quarter. Paradigm Asset Management Co. LLC now owns 3,500 shares of the industrial products company’s stock worth $207,000 after buying an additional 1,300 shares in the last quarter. Hartford Investment Management Co. purchased a new position in shares of Applied Industrial Technologies during the 3rd quarter worth approximately $207,000. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $211,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

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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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