Applied Industrial Technologies (NYSE:AIT) Stock Rating Lowered by Wall Street Zen

Wall Street Zen downgraded shares of Applied Industrial Technologies (NYSE:AIT - Free Report) from a buy rating to a hold rating in a research report report published on Friday.

Several other brokerages have also recently commented on AIT. Raymond James Financial reiterated an "outperform" rating and issued a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Loop Capital decreased their price target on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $285.00.

Applied Industrial Technologies Stock Performance

Shares of AIT stock traded up $2.34 during mid-day trading on Friday, reaching $262.54. 97,292 shares of the company's stock traded hands, compared to its average volume of 346,943. Applied Industrial Technologies has a 12 month low of $188.71 and a 12 month high of $282.98. The firm has a 50 day moving average price of $235.92 and a two-hundred day moving average price of $238.27. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57. The firm has a market capitalization of $10.00 billion, a PE ratio of 26.33, a price-to-earnings-growth ratio of 3.17 and a beta of 0.91.

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

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a dividend of $0.46 per share. The ex-dividend date is Friday, August 15th. This represents a $1.84 annualized dividend and a yield of 0.70%. Applied Industrial Technologies's payout ratio is 18.47%.

Applied Industrial Technologies declared that its Board of Directors has approved a stock repurchase plan on Thursday, May 1st that permits the company to buyback 1,500,000 outstanding shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Applied Industrial Technologies

Several hedge funds have recently added to or reduced their stakes in AIT. MassMutual Private Wealth & Trust FSB grew 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 purchasing an additional 44 shares during the last quarter. Rise Advisors LLC grew its holdings in Applied Industrial Technologies by 111.1% during the 1st quarter. Rise Advisors LLC now owns 133 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 70 shares during the last quarter. Maseco LLP bought a new position in Applied Industrial Technologies during the 2nd quarter valued at about $35,000. Harbor Investment Advisory LLC grew its stake 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 acquiring 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 about $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.