Applied Industrial Technologies (NYSE:AIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The firm presently has a $71.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.81% 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-centre 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. For fiscal 2018, the company has revised its revenue growth guidance from 3-5% to 4-5%. The stock's earnings estimates improved for both fiscal 2018 and fiscal 2019 in the last 60 days.”

Other research analysts also recently issued reports about the stock. ValuEngine raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. BidaskClub raised shares of Applied Industrial Technologies from a “strong sell” rating to a “sell” rating in a research report on Monday, August 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $67.00.

Shares of Applied Industrial Technologies (NYSE:AIT) traded down $0.10 during trading hours on Friday, reaching $63.50. 206,700 shares of the company traded hands, compared to its average volume of 194,059. Applied Industrial Technologies has a 12-month low of $54.00 and a 12-month high of $70.05. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.13 and a quick ratio of 1.83. The firm has a market cap of $2,468.65, a price-to-earnings ratio of 21.20, a P/E/G ratio of 1.66 and a beta of 0.93.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.86 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.10. Applied Industrial Technologies had a net margin of 5.29% and a return on equity of 16.25%. The firm had revenue of $680.70 million for the quarter, compared to analyst estimates of $668.18 million. During the same period last year, the business earned $0.70 EPS. Applied Industrial Technologies’s revenue for the quarter was up 8.9% compared to the same quarter last year. research analysts anticipate that Applied Industrial Technologies will post 3.19 EPS for the current fiscal year.

A number of institutional investors have recently modified their holdings of AIT. Riverhead Capital Management LLC grew its position 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 worth $195,000 after purchasing an additional 1,198 shares during the last quarter. Ameritas Investment Partners Inc. grew its position 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 worth $199,000 after purchasing an additional 226 shares during the last quarter. Paradigm Asset Management Co. LLC boosted its holdings in shares of Applied Industrial Technologies by 59.1% in the second quarter. Paradigm Asset Management Co. LLC now owns 3,500 shares of the industrial products company’s stock valued at $207,000 after acquiring an additional 1,300 shares in the last quarter. Hartford Investment Management Co. purchased a new stake in shares of Applied Industrial Technologies in the third quarter valued at about $207,000. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Applied Industrial Technologies in the third quarter valued at about $212,000. 87.93% of the stock is currently owned by institutional investors.

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Applied Industrial Technologies Company Profile

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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