Applied Industrial Technologies (NYSE:AIT) Now Covered by Mizuho

by · The Cerbat Gem

Mizuho assumed coverage on shares of Applied Industrial Technologies (NYSE:AIT – Get Free Report) in a note issued to investors on Tuesday, Briefing.com reports. The firm set an “outperform” rating and a $285.00 price target on the industrial products company’s stock. Mizuho’s price target points to a potential upside of 23.90% from the company’s current price.

Several other equities research analysts have also recently weighed in on the stock. StockNews.com cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. KeyCorp lifted their price objective on Applied Industrial Technologies from $215.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Bank of America started coverage on Applied Industrial Technologies in a research note on Monday, October 7th. They issued a “neutral” rating and a $232.00 target price for the company. Loop Capital raised their price objective on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, August 16th. Finally, Northcoast Research began coverage on shares of Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating for the company. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $243.14.

Check Out Our Latest Stock Report on Applied Industrial Technologies

Applied Industrial Technologies Stock Performance

Shares of NYSE AIT opened at $230.03 on Tuesday. Applied Industrial Technologies has a 12 month low of $149.59 and a 12 month high of $235.75. The company has a market cap of $8.88 billion, a P/E ratio of 24.11, a P/E/G ratio of 3.12 and a beta of 1.03. The business’s 50 day moving average is $212.49 and its two-hundred day moving average is $200.31. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34.

Applied Industrial Technologies (NYSE:AIT – Get Free Report) last announced its earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.12. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the firm posted $2.35 earnings per share. Applied Industrial Technologies’s revenue was up .2% compared to the same quarter last year. On average, equities analysts expect that Applied Industrial Technologies will post 9.69 EPS for the current year.

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $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 have sold a total of 11,927 shares of company stock worth $2,439,116 over the last ninety days. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of institutional investors have recently modified their holdings of the stock. EntryPoint Capital LLC bought a new position in Applied Industrial Technologies in the 1st quarter worth approximately $25,000. Headlands Technologies LLC bought a new stake in shares of Applied Industrial Technologies during the second quarter worth $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Applied Industrial Technologies during the second quarter valued at $32,000. V Square Quantitative Management LLC bought a new position in Applied Industrial Technologies in the third quarter valued at about $34,000. Finally, Quarry LP acquired a new stake in Applied Industrial Technologies in the second quarter worth about $39,000. 93.52% of the stock is owned by institutional investors.

About Applied Industrial Technologies

(Get Free Report)

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.

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