Applied Industrial Technologies (AIT) Hits New 12-Month Low at $59.01

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Applied Industrial Technologies (NYSE:AIT) shares reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $59.01 and last traded at $60.05, with a volume of 61521 shares changing hands. The stock had previously closed at $61.61.

AIT has been the topic of several research reports. Wells Fargo & Co upped their price target on Applied Industrial Technologies from $73.00 to $80.00 and gave the company a “hold” rating in a report on Monday, August 13th. Wellington Shields raised Applied Industrial Technologies from a “gradually accumulate” rating to a “buy” rating in a report on Monday, August 13th. Zacks Investment Research raised Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $83.00 price target on the stock in a report on Monday, August 13th. Northcoast Research reaffirmed a “neutral” rating on shares of Applied Industrial Technologies in a report on Friday, August 10th. Finally, ValuEngine raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, September 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Applied Industrial Technologies has a consensus rating of “Hold” and an average target price of $79.00.

The firm has a market cap of $2.34 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 1.05 and a beta of 1.11. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.76 and a quick ratio of 1.67.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Wednesday, October 31st. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.12 by $0.12. The company had revenue of $864.50 million for the quarter, compared to analysts’ expectations of $874.74 million. Applied Industrial Technologies had a return on equity of 19.66% and a net margin of 4.82%. The firm’s revenue was up 27.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.86 earnings per share. On average, sell-side analysts predict that Applied Industrial Technologies will post 4.8 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 30th. Shareholders of record on Thursday, November 15th were issued a $0.30 dividend. The ex-dividend date was Wednesday, November 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.01%. Applied Industrial Technologies’s dividend payout ratio is currently 32.09%.

In other Applied Industrial Technologies news, Director Green Edith Kelly sold 7,090 shares of the company’s stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $65.51, for a total value of $464,465.90. Following the transaction, the director now owns 19,240 shares of the company’s stock, valued at $1,260,412.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.10% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Point72 Hong Kong Ltd raised its stake in Applied Industrial Technologies by 475.8% during the 2nd quarter. Point72 Hong Kong Ltd now owns 1,716 shares of the industrial products company’s stock valued at $120,000 after purchasing an additional 1,418 shares during the period. Itau Unibanco Holding S.A. acquired a new position in shares of Applied Industrial Technologies in the second quarter worth $142,000. BlueMountain Capital Management LLC increased its stake in shares of Applied Industrial Technologies by 182.4% in the third quarter. BlueMountain Capital Management LLC now owns 2,649 shares of the industrial products company’s stock worth $207,000 after acquiring an additional 1,711 shares during the last quarter. Ifrah Financial Services Inc. acquired a new position in shares of Applied Industrial Technologies in the third quarter worth $214,000. Finally, Zeke Capital Advisors LLC acquired a new position in shares of Applied Industrial Technologies in the third quarter worth $228,000. 88.14% of the stock is currently owned by institutional investors.

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Applied Industrial Technologies Company Profile (NYSE:AIT)

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.

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