Applied Industrial Technologies (NYSE:AIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, January 11th. The firm currently has a $78.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 9.63% from the stock’s previous close.
According to Zacks, “In a month, Applied Industrial's shares have outperformed the industry. In the quarters ahead, the company will gain from its healthy service-center distribution, upstream oil and gas and fluid power businesses. These along with benefits from acquired assets will drive revenues, while higher sales and greater cost and operational discipline will boost margins. In first-quarter fiscal 2018, the company's earnings of 86 cents per share surpassed the Zacks Consensus Estimate of 76 cents. Quarterly revenues outpaced the Zacks Consensus Estimate by 2.1%. The stellar performance was backed by robust demand, acquisition-related benefits and favorable foreign currency-translation impact.”
Several other brokerages have also recently weighed in on AIT. Wellington Shields upgraded Applied Industrial Technologies to a “hold” rating in a research report on Tuesday, January 2nd. ValuEngine lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $70.50.
Applied Industrial Technologies (NYSE AIT) opened at $71.15 on Thursday. Applied Industrial Technologies has a fifty-two week low of $54.00 and a fifty-two week high of $71.75. The company has a quick ratio of 1.83, a current ratio of 3.13 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $2,761.70, a P/E ratio of 19.99, a PEG ratio of 1.76 and a beta of 0.93.
Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.86 EPS for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.10. Applied Industrial Technologies had a return on equity of 16.25% and a net margin of 5.29%. The business had revenue of $680.70 million for the quarter, compared to analyst estimates of $668.18 million. During the same period last year, the company posted $0.70 earnings per share. Applied Industrial Technologies’s quarterly revenue was up 8.9% compared to the same quarter last year. sell-side analysts forecast that Applied Industrial Technologies will post 3.37 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hartford Investment Management Co. bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at about $207,000. Teacher Retirement System of Texas bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at about $212,000. Riverhead Capital Management LLC increased its holdings in Applied Industrial Technologies by 57.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,298 shares of the industrial products company’s stock valued at $195,000 after purchasing an additional 1,198 shares during the period. Ameritas Investment Partners Inc. increased its holdings in Applied Industrial Technologies by 7.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock valued at $199,000 after purchasing an additional 226 shares during the period. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in Applied Industrial Technologies during the 3rd quarter valued at about $223,000. 87.91% of the stock is owned by institutional investors.
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About Applied Industrial Technologies
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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