Applied Industrial Technologies (AIT) Announces Quarterly Earnings, Misses Estimates By $0.04 EPS
Applied Industrial Technologies (NYSE:AIT) released its earnings data on Wednesday. The company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by $0.04, Analyst Ratings Net reports. The company had revenue of $654.60 million for the quarter, compared to the consensus estimate of $661.80 million.
A number of research firms have recently commented on AIT. Analysts at Citigroup Inc. upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Monday, July 7th. On a related note, analysts at BB&T Corp. upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Monday, July 7th. They now have a $64.00 price target on the stock. Finally, analysts at Sidoti upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating in a research note on Monday, June 23rd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Applied Industrial Technologies has an average rating of “Buy” and an average price target of $58.50.
Shares of Applied Industrial Technologies (NYSE:AIT) opened at 48.79 on Wednesday. Applied Industrial Technologies has a 52 week low of $45.62 and a 52 week high of $53.45. The stock’s 50-day moving average is $49.9 and its 200-day moving average is $48.99. The company has a market cap of $2.038 billion and a P/E ratio of 17.97.
Applied Industrial Technologies, Inc (NYSE:AIT) is an industrial distributor in North America, supplying customers in a range of industries with products, including bearings, power transmission components, fluid power components and systems, industrial rubber products, linear motion components, tools, safety products, and general maintenance and mill supply products.
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