Applied Industrial Technologies (NYSE:AIT) Earns Neutral Rating from Analysts at Bank of America

Bank of America began coverage on shares of Applied Industrial Technologies (NYSE:AIT) in a research report released on Monday morning, Marketbeat reports. The brokerage issued a neutral rating and a $232.00 price objective on the industrial products company’s stock.

Other equities research analysts have also issued reports about the company. Loop Capital boosted their target price on Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a buy rating in a report on Friday, August 16th. Robert W. Baird upped their price objective on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the stock an outperform rating in a report on Thursday, August 29th. Raymond James initiated coverage on Applied Industrial Technologies in a research note on Wednesday, September 4th. They set an outperform rating and a $225.00 target price for the company. Northcoast Research assumed coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They issued a neutral rating on the stock. Finally, KeyCorp increased their price objective on Applied Industrial Technologies from $215.00 to $245.00 and gave the company an overweight rating in a research report on Monday, September 23rd. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $229.50.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $220.18 on Monday. The company has a 50-day moving average of $207.61 and a two-hundred day moving average of $198.56. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. Applied Industrial Technologies has a one year low of $149.59 and a one year high of $226.31. The stock has a market cap of $8.50 billion, a price-to-earnings ratio of 23.08, a PEG ratio of 2.31 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results 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 business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The firm’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.35 EPS. On average, equities research analysts expect that Applied Industrial Technologies will post 9.71 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Neil A. Schrimsher sold 3,703 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the sale, the chief executive officer now owns 205,708 shares in the company, valued at approximately $41,602,385.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the sale, the chief executive officer now directly owns 205,708 shares in the company, valued at approximately $41,602,385.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the sale, the vice president now directly owns 19,315 shares in the company, valued at $4,037,221.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,927 shares of company stock worth $2,439,116 over the last quarter. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Applied Industrial Technologies

A number of institutional investors and hedge funds have recently modified their holdings of AIT. QRG Capital Management Inc. increased its position in shares of Applied Industrial Technologies by 0.9% in the 2nd quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company’s stock valued at $1,254,000 after buying an additional 55 shares in the last quarter. Miller Howard Investments Inc. NY lifted its stake in Applied Industrial Technologies by 2.4% in the second quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock valued at $446,000 after buying an additional 55 shares in the last quarter. Measured Wealth Private Client Group LLC boosted its holdings in shares of Applied Industrial Technologies by 1.2% in the first quarter. Measured Wealth Private Client Group LLC now owns 4,905 shares of the industrial products company’s stock valued at $969,000 after buying an additional 59 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Applied Industrial Technologies by 0.4% during the second quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock worth $3,374,000 after acquiring an additional 61 shares in the last quarter. Finally, Private Advisor Group LLC lifted its holdings in shares of Applied Industrial Technologies by 2.6% in the first quarter. Private Advisor Group LLC now owns 2,481 shares of the industrial products company’s stock valued at $490,000 after purchasing an additional 62 shares in the last quarter. 93.52% of the stock is owned by institutional investors.

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.