Applied Industrial Technologies (NYSE:AIT) Rating Increased to Buy at Wall Street Zen

Key Points

• Applied Industrial Technologies (NYSE: AIT) has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, reflecting positive analyst sentiment towards the company's prospects.
• Raymond James Financial set a price target of $250.00 for AIT shares, while other analysts have maintained buy ratings with a consensus target price of $285.00.
• The company reported $2.57 earnings per share for the last quarter, exceeding expectations, and its board approved a share repurchase plan indicating confidence in its stock value.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

Several other brokerages have also commented on AIT. 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 note on Friday, May 2nd. Loop Capital cut their target price on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $271.85 on Friday. The stock's 50-day simple moving average is $238.77 and its 200-day simple moving average is $238.94. The firm has a market capitalization of $10.35 billion, a PE ratio of 27.29, a price-to-earnings-growth ratio of 3.26 and a beta of 0.91. Applied Industrial Technologies has a fifty-two week low of $188.71 and a fifty-two week high of $282.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.17. The company had revenue of $1.17 billion for the quarter, compared to analysts' expectations 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 for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the company earned $2.48 earnings per share. As a group, equities research analysts forecast that Applied Industrial Technologies will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies declared that its board has approved a share repurchase plan on Thursday, May 1st that allows the company to repurchase 1,500,000 outstanding shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On Applied Industrial Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Baird Financial Group Inc. raised its stake in shares of Applied Industrial Technologies by 2.5% during the fourth quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company's stock worth $380,000 after purchasing an additional 39 shares during the last quarter. OneAscent Financial Services LLC increased its stake in Applied Industrial Technologies by 4.1% in the 4th quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock valued at $249,000 after buying an additional 41 shares during the period. GAMMA Investing LLC raised its position in Applied Industrial Technologies by 2.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,453 shares of the industrial products company's stock worth $338,000 after buying an additional 41 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Applied Industrial Technologies by 51.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after buying an additional 44 shares during the last quarter. Finally, Huntington National Bank lifted its stake in shares of Applied Industrial Technologies by 33.8% in the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after acquiring an additional 47 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Company Profile

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.

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