Applied Industrial Technologies (NYSE:AIT) Downgraded by Wall Street Zen to “Hold”

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

Other analysts have also issued research reports about the stock. Oppenheimer lifted their price target on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. KeyCorp increased their price objective on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Bank of America raised their price objective on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Robert W. Baird boosted their target price on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Finally, DA Davidson upped their target price on shares of 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, Based on data from MarketBeat, Applied Industrial Technologies presently has a consensus rating of “Buy” and a consensus target price of $400.00.

Applied Industrial Technologies Trading Up 1.2%

Shares of AIT opened at $343.38 on Friday. The company has a market capitalization of $12.61 billion, a P/E ratio of 31.33, a P/E/G ratio of 2.76 and a beta of 0.85. Applied Industrial Technologies has a one year low of $238.34 and a one year high of $374.80. 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 50-day moving average price of $337.13 and a 200 day moving average price of $316.69.

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, beating analysts’ consensus estimates of $2.92 by $0.25. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the firm earned $2.80 EPS. Applied Industrial Technologies’s quarterly revenue was up 10.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Sell-side analysts forecast that Applied Industrial Technologies will post 11.96 EPS for the current fiscal year.

Insider Activity at Applied Industrial Technologies

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AIT. BlackRock Inc. bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter valued at about $1,336,805,000. First Trust Advisors LP lifted its holdings in Applied Industrial Technologies by 34.3% in the first quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock worth $259,706,000 after acquiring an additional 249,961 shares during the last quarter. Capital International Investors lifted its holdings in Applied Industrial Technologies by 25.4% in the fourth quarter. Capital International Investors now owns 962,925 shares of the industrial products company’s stock worth $247,250,000 after acquiring an additional 195,043 shares during the last quarter. Capital World Investors lifted its holdings in Applied Industrial Technologies by 3.7% in the fourth quarter. Capital World Investors now owns 348,005 shares of the industrial products company’s stock worth $89,357,000 after acquiring an additional 12,386 shares during the last quarter. Finally, Westfield Capital Management Co. LP boosted its stake in Applied Industrial Technologies by 21.5% in the fourth quarter. Westfield Capital Management Co. LP now owns 285,290 shares of the industrial products company’s stock valued at $73,254,000 after acquiring an additional 50,556 shares during the period. 93.52% of the stock is currently owned by institutional investors.

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.