Applied Industrial Technologies (NYSE:AIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm presently has a $78.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.11% from the stock’s current price.

According to Zacks, “In a month, Applied Industrial's shares have outperformed the industry. In the quarters ahead, the company will gain from its healthy service-center distribution, upstream oil and gas and fluid power businesses. These along with benefits from acquired assets will drive revenues, while higher sales and greater cost and operational discipline will boost margins. In first-quarter fiscal 2018, the company's earnings of 86 cents per share surpassed the Zacks Consensus Estimate of 76 cents. Quarterly revenues outpaced the Zacks Consensus Estimate by 2.1%. The stellar performance was backed by robust demand, acquisition-related benefits and favorable foreign currency-translation impact.”

AIT has been the subject of a number of other research reports. Wellington Shields raised shares of Applied Industrial Technologies from a “hold” rating to a “gradually accumulate” rating in a report on Wednesday, December 27th. ValuEngine cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Applied Industrial Technologies presently has a consensus rating of “Hold” and an average price target of $70.50.

Applied Industrial Technologies (NYSE:AIT) traded down $0.80 during midday trading on Thursday, reaching $70.20. 248,228 shares of the company were exchanged, compared to its average volume of 234,820. The firm has a market capitalization of $2,720.00, a P/E ratio of 19.72, a PEG ratio of 1.81 and a beta of 0.93. Applied Industrial Technologies has a 52 week low of $54.00 and a 52 week high of $71.60. The company has a quick ratio of 1.83, a current ratio of 3.13 and a debt-to-equity ratio of 0.37.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.10. Applied Industrial Technologies had a net margin of 5.29% and a return on equity of 16.25%. The company had revenue of $680.70 million during the quarter, compared to analysts’ expectations of $668.18 million. During the same quarter in the previous year, the company earned $0.70 earnings per share. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. equities analysts predict that Applied Industrial Technologies will post 3.26 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Riverhead Capital Management LLC increased its holdings in Applied Industrial Technologies by 57.0% in the second quarter. Riverhead Capital Management LLC now owns 3,298 shares of the industrial products company’s stock valued at $195,000 after buying an additional 1,198 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in Applied Industrial Technologies by 7.2% in the second quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock valued at $199,000 after buying an additional 226 shares in the last quarter. Hartford Investment Management Co. purchased a new position in Applied Industrial Technologies in the third quarter valued at $207,000. Teacher Retirement System of Texas purchased a new position in Applied Industrial Technologies in the third quarter valued at $212,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Applied Industrial Technologies during the third quarter worth about $223,000. 87.89% of the stock is owned by institutional investors.

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About Applied Industrial Technologies

Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.

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