Applied Industrial Technologies (NYSE:AIT) Stock Rating Upgraded by Bank of America

Applied Industrial Technologies (NYSE:AIT) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage currently has a $315.00 price objective on the industrial products company’s stock, up from their prior price objective of $285.00. Bank of America‘s price objective points to a potential upside of 15.07% from the company’s previous close.

AIT has been the subject of several other reports. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Loop Capital upped their target price on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Mizuho assumed coverage on shares of Applied Industrial Technologies in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price target on the stock. Robert W. Baird lifted their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Raymond James boosted their target price on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $278.57.

Applied Industrial Technologies Stock Down 2.4 %

Applied Industrial Technologies stock opened at $273.74 on Tuesday. The stock has a market capitalization of $10.53 billion, a PE ratio of 27.93, a price-to-earnings-growth ratio of 3.82 and a beta of 1.03. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies has a twelve month low of $155.47 and a twelve month high of $282.98. The company has a 50 day moving average of $241.03 and a 200-day moving average of $212.82.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.39 EPS. On average, equities research analysts anticipate that Applied Industrial Technologies will post 9.76 EPS for the current fiscal year.

Insider Buying and Selling

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the sale, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. The trade was a 20.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. GHP Investment Advisors Inc. boosted its holdings in Applied Industrial Technologies by 3.9% in the third quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock worth $255,000 after acquiring an additional 43 shares in the last quarter. QRG Capital Management Inc. grew its holdings in Applied Industrial Technologies by 0.9% during the second quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company’s stock valued at $1,254,000 after purchasing an additional 55 shares during the period. Miller Howard Investments Inc. NY grew its stake in shares of Applied Industrial Technologies by 2.4% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock worth $446,000 after acquiring an additional 55 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Applied Industrial Technologies by 0.4% in the second quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock worth $3,374,000 after purchasing an additional 61 shares in the last quarter. Finally, Dana Investment Advisors Inc. grew its stake in Applied Industrial Technologies by 0.7% in the 2nd quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock valued at $1,928,000 after buying an additional 65 shares in the last quarter. 93.52% of the stock is 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.