Applied Industrial Technologies, Inc. (AIT) Downgraded by BidaskClub

BidaskClub lowered shares of Applied Industrial Technologies, Inc. (NYSE:AIT) from a sell rating to a strong sell rating in a report issued on Tuesday, August 1st.

AIT has been the subject of a number of other reports. Zacks Investment Research cut shares of Applied Industrial Technologies from a strong-buy rating to a hold rating in a research note on Tuesday, June 27th. Northcoast Research assumed coverage on shares of Applied Industrial Technologies in a research note on Tuesday, July 25th. They set a neutral rating for the company. Finally, Wells Fargo & Company reaffirmed a market perform rating and set a $63.00 price target (down from $67.00) on shares of Applied Industrial Technologies in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $62.00.

Applied Industrial Technologies (AIT) traded down 1.27% during mid-day trading on Tuesday, reaching $54.40. 409,722 shares of the company’s stock traded hands. The stock has a market capitalization of $2.12 billion, a PE ratio of 16.00 and a beta of 0.95. Applied Industrial Technologies has a 12-month low of $43.50 and a 12-month high of $69.00. The stock has a 50-day moving average price of $57.19 and a 200-day moving average price of $60.42.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Friday, August 11th. The industrial products company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.56. Applied Industrial Technologies had a net margin of 5.16% and a return on equity of 15.89%. The business had revenue of $681.47 million during the quarter, compared to analysts’ expectations of $680.20 million. During the same period last year, the company posted $0.66 EPS. The business’s revenue was up 7.5% on a year-over-year basis. Equities research analysts expect that Applied Industrial Technologies will post $3.10 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Tuesday, August 15th will be issued a dividend of $0.29 per share. 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 2.13%. Applied Industrial Technologies’s payout ratio is 34.12%.

In other news, VP Mark O. Eisele sold 11,854 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $55.76, for a total value of $660,979.04. Following the completion of the sale, the vice president now owns 147,029 shares in the company, valued at approximately $8,198,337.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Mark O. Eisele sold 6,000 shares of the business’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $56.11, for a total transaction of $336,660.00. Following the completion of the sale, the vice president now owns 153,029 shares of the company’s stock, valued at approximately $8,586,457.19. The disclosure for this sale can be found here. Insiders have sold a total of 23,854 shares of company stock valued at $1,339,159 in the last quarter. 4.40% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Neuburgh Advisers LLC increased 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 last quarter. Tyers Asset Management LLC increased 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 last quarter. Envestnet Asset Management Inc. increased its position in shares of Applied Industrial Technologies by 2.4% in the first quarter. Envestnet Asset Management Inc. now owns 2,741 shares of the industrial products company’s stock worth $170,000 after buying an additional 64 shares during the last quarter. Flinton Capital Management LLC increased 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 last quarter. Finally, Ameritas Investment Partners Inc. purchased a new position in shares of Applied Industrial Technologies during the first quarter worth about $194,000. 87.61% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Company Profile

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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