Wall Street Zen Downgrades Applied Industrial Technologies (NYSE:AIT) to Hold

Applied Industrial Technologies (NYSE:AIT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

A number of other research firms also recently commented on AIT. Loop Capital reduced their target price on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a report on Thursday, April 17th. KeyCorp reduced their price objective on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $285.00.

Applied Industrial Technologies Stock Performance

Shares of NYSE AIT traded down $4.74 during mid-day trading on Friday, hitting $225.32. 352,432 shares of the company were exchanged, compared to its average volume of 312,160. Applied Industrial Technologies has a 1-year low of $182.21 and a 1-year high of $282.98. The firm has a market cap of $8.58 billion, a price-to-earnings ratio of 22.62, a price-to-earnings-growth ratio of 2.97 and a beta of 0.93. The company has a quick ratio of 2.51, a current ratio of 3.57 and a debt-to-equity ratio of 0.31. The stock has a 50 day simple moving average of $228.16 and a 200-day simple moving average of $240.38.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.17. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The firm's revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.48 earnings per share. On average, sell-side analysts forecast that Applied Industrial Technologies will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies declared that its board has authorized a share buyback program on Thursday, May 1st that authorizes the company to repurchase 1,500,000 shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of institutional investors have recently made changes to their positions in the stock. Larson Financial Group LLC raised its stake in Applied Industrial Technologies by 5,900.0% in the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 118 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Applied Industrial Technologies by 51.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock valued at $29,000 after buying an additional 44 shares during the last quarter. Kestra Investment Management LLC acquired a new position in shares of Applied Industrial Technologies in the fourth quarter valued at approximately $30,000. Rise Advisors LLC raised its position in shares of Applied Industrial Technologies by 111.1% in the first quarter. Rise Advisors LLC now owns 133 shares of the industrial products company's stock valued at $30,000 after buying an additional 70 shares during the last quarter. Finally, Harbor Investment Advisory LLC raised its position in shares of Applied Industrial Technologies by 97.5% in the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock valued at $36,000 after buying an additional 79 shares during the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.