Applied Industrial Technologies (AIT) Rating Lowered to Hold at Zacks Investment Research

Applied Industrial Technologies (NYSE:AIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.

According to Zacks, “Over the last month, Applied Industrial’s shares have outperformed the industry. The company reported better-than-expected first-quarter fiscal 2018 results. Quarterly earnings of 86 cents per share surpassed the Zacks Consensus Estimate of 76 cents. The stellar performance was backed by robust demand, acquisition-related benefits and favorable foreign currency-translation impact. The company believes these positives will continue to drive its near-term top- and bottom-line performance. However, we fear that headwinds such as heightening industry rivalry or consolidation among consumers and suppliers or any sudden supply chain issues might curtail the company’s near-term growth. Over the last 60 days, Zacks Consensus Estimate for the stock has moved north for fiscal 2018.”

A number of other equities analysts have also weighed in on AIT. ValuEngine lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Wellington Shields upgraded Applied Industrial Technologies from a “hold” rating to a “gradually accumulate” rating in a research note on Wednesday, December 27th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $70.50.

Shares of Applied Industrial Technologies (AIT) traded down $0.45 during mid-day trading on Monday, reaching $70.70. The company had a trading volume of 250,223 shares, compared to its average volume of 274,086. The stock has a market cap of $2,761.70, a price-to-earnings ratio of 19.86, a price-to-earnings-growth ratio of 1.76 and a beta of 0.93. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.13 and a quick ratio of 1.83. Applied Industrial Technologies has a one year low of $54.00 and a one year high of $71.75.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.10. The business had revenue of $680.70 million during the quarter, compared to analyst estimates of $668.18 million. Applied Industrial Technologies had a return on equity of 16.25% and a net margin of 5.29%. The company’s revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the business posted $0.70 EPS. equities analysts predict that Applied Industrial Technologies will post 3.37 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Macquarie Group Ltd. raised its stake in shares of Applied Industrial Technologies by 8.3% during the 2nd quarter. Macquarie Group Ltd. now owns 558,691 shares of the industrial products company’s stock valued at $32,991,000 after buying an additional 42,769 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at about $6,343,000. Parametrica Management Ltd purchased a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at about $648,000. 361 Capital LLC purchased a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at about $2,006,000. Finally, Rhumbline Advisers increased its stake in shares of Applied Industrial Technologies by 2.1% in the 3rd quarter. Rhumbline Advisers now owns 82,636 shares of the industrial products company’s stock valued at $5,437,000 after purchasing an additional 1,695 shares in the last quarter. Institutional investors and hedge funds own 87.91% of the company’s stock.

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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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