The Applied Industrial Technologies Inc. (AIT) Upgraded by Zacks Investment Research to Hold

The Applied Industrial Technologies Inc. (AIT) Upgraded by Zacks Investment Research to Hold

Applied Industrial Technologies Inc. (NYSE:AIT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.

According to Zacks, “Applied Industrial Technologies is one of North America’s leading distributors of bearings, linear technologies, power transmission components, rubber products, specialty maintenance items and electrical/mechanical and fluid power products and systems to the MRO (maintenance and repair operations) and OEM (original equipment manufacturer) markets. The company offers products to a broad cross-section of U.S. industries. “

Separately, Wells Fargo & Co. restated a “hold” rating on shares of Applied Industrial Technologies in a research report on Sunday, September 4th.

Applied Industrial Technologies (NYSE:AIT) traded down 0.15% during midday trading on Friday, reaching $45.48. The company’s stock had a trading volume of 112,090 shares. The firm has a 50 day moving average price of $46.79 and a 200-day moving average price of $45.72. The firm has a market cap of $1.78 billion, a P/E ratio of 60.64 and a beta of 1.13. Applied Industrial Technologies has a 52 week low of $35.55 and a 52 week high of $48.61.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Friday, August 12th. The company reported $0.66 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.66. Applied Industrial Technologies had a net margin of 1.17% and a return on equity of 14.56%. The firm had revenue of $63 million for the quarter, compared to analyst estimates of $643.13 million. During the same quarter last year, the business posted $0.70 earnings per share. The company’s quarterly revenue was down 6.4% on a year-over-year basis. On average, analysts forecast that Applied Industrial Technologies will post $2.52 earnings per share for the current fiscal year.

Institutional investors have recently modified their holdings of the company. Macquarie Group Ltd. raised its position in shares of Applied Industrial Technologies by 21.7% in the second quarter. Macquarie Group Ltd. now owns 546,474 shares of the company’s stock worth $24,668,000 after buying an additional 97,343 shares during the period. Mason Street Advisors LLC acquired a new position in shares of Applied Industrial Technologies during the second quarter worth approximately $344,000. Public Employees Retirement System of Ohio raised its position in shares of Applied Industrial Technologies by 1.3% in the second quarter. Public Employees Retirement System of Ohio now owns 5,441 shares of the company’s stock worth $246,000 after buying an additional 70 shares during the period. Calvert Investment Management Inc. raised its position in shares of Applied Industrial Technologies by 14.6% in the second quarter. Calvert Investment Management Inc. now owns 86,556 shares of the company’s stock worth $3,907,000 after buying an additional 11,008 shares during the period. Finally, Stifel Financial Corp raised its position in shares of Applied Industrial Technologies by 26.3% in the second quarter. Stifel Financial Corp now owns 6,198 shares of the company’s stock worth $280,000 after buying an additional 1,289 shares during the period. Institutional investors own 89.35% of the company’s stock.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies Inc is a distributor and supplier of industrial products. The Company’s industry products, including bearings, power transmission components, fluid power components and systems, industrial rubber products, linear motion components, tools, safety products, and other industrial and maintenance supplies.

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