Applied Industrial Technologies (NYSE:AIT) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Tuesday, August 1st.
AIT has been the topic of several other reports. Wells Fargo reissued a “market perform” rating and set a $63.00 price objective (down from $67.00) on shares of Applied Industrial Technologies in a report on Wednesday, July 12th. Northcoast Research began coverage on shares of Applied Industrial Technologies in a report on Tuesday, July 25th. They set a “neutral” rating on the stock. 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. Applied Industrial Technologies presently has a consensus rating of “Hold” and an average target price of $70.50.
AIT stock traded down $0.55 during trading on Tuesday, hitting $71.30. 150,396 shares of the company’s stock traded hands, compared to its average volume of 155,134. The firm has a market cap of $2,778.77, a price-to-earnings ratio of 25.11, a PEG ratio of 1.79 and a beta of 0.92. The company has a quick ratio of 1.90, a current ratio of 3.33 and a debt-to-equity ratio of 0.39. Applied Industrial Technologies has a 1 year low of $54.00 and a 1 year high of $75.40.
In other Applied Industrial Technologies news, Director Green Edith Kelly sold 6,873 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $74.41, for a total value of $511,419.93. Following the completion of the sale, the director now directly owns 24,230 shares in the company, valued at $1,802,954.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Todd A. Barlett sold 3,800 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $75.00, for a total transaction of $285,000.00. Following the completion of the sale, the vice president now owns 90,155 shares of the company’s stock, valued at $6,761,625. The disclosure for this sale can be found here. 3.70% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Neuburgh Advisers LLC lifted its stake in shares of Applied Industrial Technologies by 6.2% during the first quarter. Neuburgh Advisers LLC now owns 1,892 shares of the industrial products company’s stock worth $117,000 after buying an additional 110 shares during the period. Tyers Asset Management LLC lifted its stake in shares of Applied Industrial Technologies by 6.2% during the first quarter. Tyers Asset Management LLC now owns 2,408 shares of the industrial products company’s stock worth $149,000 after buying an additional 140 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Applied Industrial Technologies by 39.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,600 shares of the industrial products company’s stock worth $177,000 after buying an additional 730 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Applied Industrial Technologies by 2.4% during the first quarter. Envestnet Asset Management Inc. now owns 2,741 shares of the industrial products company’s stock worth $170,000 after buying an additional 64 shares during the period. Finally, Verity Asset Management Inc. acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter worth $206,000. Institutional investors own 89.79% of the company’s stock.
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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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