Applied Industrial Technologies (NYSE:AIT) Cut to Hold at StockNews.com

Applied Industrial Technologies (NYSE:AIT - Get Free Report) was downgraded by research analysts at StockNews.com from a "buy" rating to a "hold" rating in a report issued on Thursday.

A number of other research firms have also issued reports on AIT. Bank of America raised Applied Industrial Technologies from a "neutral" rating to a "buy" rating and upped their target price for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. Loop Capital upped their price objective on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a "buy" rating in a research report on Monday, October 28th. Raymond James lifted their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. Robert W. Baird boosted their target price on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Finally, Mizuho started coverage on shares of Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an "outperform" rating and a $285.00 price target on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $285.71.

Applied Industrial Technologies Price Performance

Shares of AIT traded down $1.01 during mid-day trading on Thursday, hitting $243.45. The company's stock had a trading volume of 326,881 shares, compared to its average volume of 285,895. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies has a 1-year low of $163.50 and a 1-year high of $282.98. The firm has a market capitalization of $9.36 billion, a P/E ratio of 24.84, a P/E/G ratio of 3.71 and a beta of 1.05. The firm has a 50-day simple moving average of $255.44 and a 200 day simple moving average of $220.57.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the firm posted $2.39 EPS. The business's revenue was up .3% compared to the same quarter last year. Analysts predict that Applied Industrial Technologies will post 9.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Mary Dean Hall sold 2,200 shares of the company's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total value of $605,176.00. Following the completion of the transaction, the director now directly owns 3,462 shares in the company, valued at approximately $952,326.96. This represents a 38.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Warren E. Hoffner III sold 4,000 shares of the business's stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the completion of the transaction, the vice president now owns 55,709 shares in the company, valued at $15,689,882.76. This represents a 6.70 % decrease in their position. The disclosure for this sale can be found here. 1.67% of the stock is currently owned by insiders.

Institutional Trading of Applied Industrial Technologies

Several institutional investors have recently added to or reduced their stakes in AIT. Headlands Technologies LLC acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter worth approximately $26,000. V Square Quantitative Management LLC bought a new stake in Applied Industrial Technologies during the third quarter valued at $34,000. First Horizon Advisors Inc. raised its stake in Applied Industrial Technologies by 106.0% during the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company's stock worth $38,000 after acquiring an additional 88 shares during the period. UMB Bank n.a. boosted its stake in Applied Industrial Technologies by 68.1% in the third quarter. UMB Bank n.a. now owns 190 shares of the industrial products company's stock valued at $42,000 after acquiring an additional 77 shares during the period. Finally, Quarry LP bought a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth approximately $39,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.

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