Applied Industrial Technologies (NYSE:AIT) was upgraded by equities research analysts at Wellington Shields from a “hold” rating to a “gradually accumulate” rating in a report issued on Wednesday, MarketBeat Ratings reports.
AIT has been the subject of a number of other reports. Zacks Investment Research lowered shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research report on Monday, October 16th. ValuEngine lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, November 14th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Applied Industrial Technologies presently has an average rating of “Hold” and an average price target of $67.00.
Applied Industrial Technologies (AIT) traded up $0.90 on Wednesday, hitting $65.85. 121,272 shares of the company’s stock were exchanged, compared to its average volume of 193,279. The company has a market capitalization of $2,530.00, a price-to-earnings ratio of 18.50, a P/E/G ratio of 1.68 and a beta of 0.93. Applied Industrial Technologies has a fifty-two week low of $54.00 and a fifty-two week high of $70.05. The company has a current ratio of 3.13, a quick ratio of 1.83 and a debt-to-equity ratio of 0.37.
Large investors have recently modified their holdings of the stock. Riverhead Capital Management LLC boosted its position in shares of Applied Industrial Technologies by 57.0% during the second quarter. Riverhead Capital Management LLC now owns 3,298 shares of the industrial products company’s stock worth $195,000 after acquiring an additional 1,198 shares during the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Applied Industrial Technologies by 7.2% during the second quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock worth $199,000 after acquiring an additional 226 shares during the last quarter. Hartford Investment Management Co. bought a new position in shares of Applied Industrial Technologies during the third quarter worth $207,000. Teacher Retirement System of Texas bought a new position in shares of Applied Industrial Technologies during the third quarter worth $212,000. Finally, Pacad Investment Ltd. raised its stake in Applied Industrial Technologies by 28.6% during the second quarter. Pacad Investment Ltd. now owns 3,600 shares of the industrial products company’s stock valued at $213,000 after purchasing an additional 800 shares in the last quarter. Hedge funds and other institutional investors own 87.89% 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.
