Applied Industrial Technologies (NYSE:AIT) Receives New Coverage from Analysts at Mizuho

Mizuho assumed coverage on shares of Applied Industrial Technologies (NYSE:AIT) in a report released on Tuesday, MarketBeat reports. The brokerage issued an outperform rating and a $285.00 price target on the industrial products company’s stock.

AIT has been the topic of a number of other reports. Northcoast Research started coverage on Applied Industrial Technologies in a research note on Monday, July 1st. They issued a “neutral” rating on the stock. Bank of America started coverage on Applied Industrial Technologies in a research note on Monday, October 7th. They set a “neutral” rating and a $232.00 price objective on the stock. Raymond James started coverage on Applied Industrial Technologies in a research note on Wednesday, September 4th. They set an “outperform” rating and a $225.00 price objective on the stock. Robert W. Baird boosted their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, KeyCorp boosted their price objective on Applied Industrial Technologies from $215.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $243.14.

Applied Industrial Technologies Stock Down 1.6 %

Shares of AIT opened at $226.22 on Tuesday. The company has a current ratio of 3.53, a quick ratio of 2.56 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies has a 12 month low of $149.59 and a 12 month high of $235.75. The stock’s 50 day moving average is $213.07 and its two-hundred day moving average is $200.52. The firm has a market cap of $8.73 billion, a P/E ratio of 23.71, a PEG ratio of 3.12 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, beating the consensus estimate of $2.52 by $0.12. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.19 billion. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. Applied Industrial Technologies’s quarterly revenue was up .2% compared to the same quarter last year. During the same period last year, the company earned $2.35 earnings per share. Analysts predict that Applied Industrial Technologies will post 9.69 earnings per share for the current fiscal year.

Insider Activity at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the sale, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,927 shares of company stock worth $2,439,116. 2.20% of the stock is currently owned by company insiders.

Institutional Trading of Applied Industrial Technologies

A number of large investors have recently made changes to their positions in AIT. Quadrature Capital Ltd purchased a new stake in Applied Industrial Technologies during the 1st quarter valued at approximately $593,000. American International Group Inc. raised its stake in Applied Industrial Technologies by 232.6% during the 1st quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock valued at $13,809,000 after acquiring an additional 48,883 shares during the last quarter. Hennessy Advisors Inc. raised its stake in Applied Industrial Technologies by 18.3% during the 1st quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock valued at $36,606,000 after acquiring an additional 28,700 shares during the last quarter. State of Michigan Retirement System purchased a new stake in Applied Industrial Technologies during the 1st quarter valued at approximately $1,877,000. Finally, Sanctuary Advisors LLC purchased a new stake in Applied Industrial Technologies during the 2nd quarter valued at approximately $1,279,000. 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.