Northcoast Research assumed coverage on shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in a research report released on Tuesday, July 25th, Marketbeat reports. The firm issued a neutral rating on the industrial products company’s stock.
AIT has been the subject of a number of other research reports. Zacks Investment Research downgraded shares of Applied Industrial Technologies from a strong-buy rating to a hold rating in a research report on Tuesday, June 27th. Wells Fargo & Company restated a market perform rating and issued a $63.00 price objective (down previously from $67.00) on shares of Applied Industrial Technologies in a research report on Wednesday, July 12th. Finally, BidaskClub downgraded shares of Applied Industrial Technologies from a hold rating to a sell rating in a research report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $65.50.
Shares of Applied Industrial Technologies (NYSE:AIT) traded up 1.54% during trading on Tuesday, hitting $55.45. The company had a trading volume of 409,562 shares. The stock’s 50-day moving average is $57.53 and its 200 day moving average is $60.68. Applied Industrial Technologies has a 52-week low of $43.50 and a 52-week high of $69.00. The firm has a market capitalization of $2.16 billion, a P/E ratio of 20.36 and a beta of 0.95.
Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Friday, August 11th. The industrial products company reported $1.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.56. The firm had revenue of $681.47 million during the quarter, compared to the consensus estimate of $680.20 million. Applied Industrial Technologies had a net margin of 4.20% and a return on equity of 15.70%. The firm’s revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.66 earnings per share. Equities research analysts predict that Applied Industrial Technologies will post $2.83 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 15th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Friday, August 11th. This represents a $1.16 dividend on an annualized basis and a yield of 2.09%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 34.12%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Neuburgh Advisers LLC boosted its position in shares of Applied Industrial Technologies by 6.2% in the first quarter. Neuburgh Advisers LLC now owns 1,892 shares of the industrial products company’s stock worth $117,000 after buying an additional 110 shares during the period. Tyers Asset Management LLC boosted its position in shares of Applied Industrial Technologies by 6.2% in the first quarter. Tyers Asset Management LLC now owns 2,408 shares of the industrial products company’s stock worth $149,000 after buying an additional 140 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Applied Industrial Technologies by 6.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 2,677 shares of the industrial products company’s stock worth $159,000 after buying an additional 161 shares during the period. Flinton Capital Management LLC boosted its position in shares of Applied Industrial Technologies by 6.2% in the first quarter. Flinton Capital Management LLC now owns 2,924 shares of the industrial products company’s stock worth $181,000 after buying an additional 170 shares during the period. Finally, Ameritas Investment Partners Inc. acquired a new position in shares of Applied Industrial Technologies during the first quarter worth $194,000. 87.47% of the stock is owned by institutional investors.
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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