Applied Industrial Technologies (NYSE:AIT) was upgraded by equities research analysts at Wellington Shields to a “hold” rating in a report issued on Tuesday.
Several other research firms also recently issued reports on AIT. ValuEngine downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Zacks Investment Research raised Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $71.00 price target for the company in a research note on Friday, December 8th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $67.00.
Applied Industrial Technologies (NYSE:AIT) remained flat at $$68.10 during trading hours on Tuesday. The company’s stock had a trading volume of 215,700 shares, compared to its average volume of 193,948. The firm has a market cap of $2,643.31, a price-to-earnings ratio of 19.13, a P/E/G ratio of 1.78 and a beta of 0.93. The company has a current ratio of 3.13, a quick ratio of 1.83 and a debt-to-equity ratio of 0.37. Applied Industrial Technologies has a 1 year low of $54.00 and a 1 year high of $70.05.
Several large investors have recently added to or reduced their stakes in AIT. Koch Industries Inc. raised its stake in Applied Industrial Technologies by 8,147.3% in the 2nd quarter. Koch Industries Inc. now owns 297,728 shares of the industrial products company’s stock valued at $293,000 after purchasing an additional 294,118 shares during the last quarter. Principal Financial Group Inc. raised its stake in Applied Industrial Technologies by 51.0% in the 2nd quarter. Principal Financial Group Inc. now owns 717,817 shares of the industrial products company’s stock valued at $42,387,000 after purchasing an additional 242,556 shares during the last quarter. AJO LP acquired a new position in Applied Industrial Technologies in the 2nd quarter valued at about $11,749,000. Vanguard Group Inc. raised its stake in Applied Industrial Technologies by 4.8% in the 2nd quarter. Vanguard Group Inc. now owns 3,662,402 shares of the industrial products company’s stock valued at $216,264,000 after purchasing an additional 166,858 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Applied Industrial Technologies by 248.4% in the 3rd quarter. American Century Companies Inc. now owns 182,063 shares of the industrial products company’s stock valued at $11,980,000 after purchasing an additional 129,799 shares during the last quarter. 87.89% of the stock is owned by institutional investors and hedge funds.
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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.
