Applied Industrial Technologies (NYSE:AIT) Rating Lowered to Hold at Wall Street Zen

Applied Industrial Technologies (NYSE:AIT - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Friday.

AIT has been the subject of a number of other reports. Raymond James Financial restated an "outperform" rating and issued a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Loop Capital lowered their price objective on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a report on Thursday, April 17th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Applied Industrial Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $285.00.

Applied Industrial Technologies Price Performance

AIT stock traded down $1.03 during midday trading on Friday, reaching $260.90. The company had a trading volume of 370,772 shares, compared to its average volume of 348,199. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51. Applied Industrial Technologies has a 1 year low of $188.71 and a 1 year high of $282.98. The company has a market capitalization of $9.94 billion, a P/E ratio of 26.19, a P/E/G ratio of 3.19 and a beta of 0.91. The firm has a 50-day moving average price of $234.58 and a 200-day moving average price of $238.03.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.17. The business had revenue of $1.17 billion during 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 business's quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.48 EPS. On average, research analysts anticipate that Applied Industrial Technologies will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies announced that its board has approved a share buyback plan on Thursday, May 1st that permits the company to buyback 1,500,000 shares. This buyback authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Applied Industrial Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its holdings 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 valued at $29,000 after buying an additional 44 shares during the last quarter. Rise Advisors LLC raised its holdings in Applied Industrial Technologies by 111.1% in the 1st quarter. Rise Advisors LLC now owns 133 shares of the industrial products company's stock worth $30,000 after purchasing an additional 70 shares in the last quarter. Maseco LLP bought a new position in Applied Industrial Technologies in the 2nd quarter worth $35,000. Harbor Investment Advisory LLC raised its holdings in Applied Industrial Technologies by 97.5% in the 1st quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after purchasing an additional 79 shares in the last quarter. Finally, Wayfinding Financial LLC bought a new position in Applied Industrial Technologies in the 1st quarter worth $38,000. 93.52% of the stock is currently owned by institutional investors.

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.

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