Applied Industrial Technologies Trading Down 3.9% After Earnings Miss (AIT)
Applied Industrial Technologies (NYSE:AIT)’s share price dropped 3.9% during trading on Wednesday after the company announced weaker than expected quarterly earnings, Analyst Ratings Network.com reports. The stock traded as low as $46.24 and last traded at $47.13, with a volume of 150,799 shares trading hands. The stock had previously closed at $49.04.
The company reported $0.71 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.75 by $0.04. The company had revenue of $654.60 million for the quarter, compared to the consensus estimate of $661.80 million.
AIT has been the subject of a number of recent research reports. 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. Separately, 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 research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $58.50.
The stock has a 50-day moving average of $49.9 and a 200-day moving average of $48.99. The company has a market cap of $1.971 billion and a price-to-earnings ratio of 17.94.
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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