Applied Industrial Technologies (NYSE:AIT) Shares Gap Down – Should You Sell?

Applied Industrial Technologies, Inc. (NYSE:AIT)’s stock price gapped down prior to trading on Tuesday. The stock had previously closed at $324.68, but opened at $311.00. Applied Industrial Technologies shares last traded at $304.1290, with a volume of 62,709 shares traded.

Analyst Upgrades and Downgrades

AIT has been the topic of a number of research analyst reports. Mizuho lowered their price target on Applied Industrial Technologies from $400.00 to $390.00 and set an “outperform” rating on the stock in a report on Thursday, October 15th. Robert W. Baird increased their target price on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Bank of America raised their target price on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Finally, Oppenheimer upped their price target on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Seven analysts have rated the stock with a Buy rating. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $398.33.

Applied Industrial Technologies Trading Down 6.3%

The stock has a market capitalization of $11.18 billion, a P/E ratio of 27.75, a price-to-earnings-growth ratio of 2.54 and a beta of 0.85. The business has a 50 day simple moving average of $332.15 and a 200-day simple moving average of $308.38. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.08. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.63 EPS. On average, analysts predict that Applied Industrial Technologies, Inc. will post 12.00 EPS for the current year.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, Director Peter Wallace sold 1,904 shares of the business’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total value of $648,216.80. Following the sale, the director directly owned 22,859 shares in the company, valued at approximately $7,782,346.55. The trade was a 7.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO David Wells sold 1,812 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total transaction of $643,441.20. Following the completion of the sale, the chief financial officer owned 32,050 shares in the company, valued at approximately $11,380,955. This trade represents a 5.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by insiders.

Institutional Trading of Applied Industrial Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Applied Industrial Technologies during the 2nd quarter valued at $1,336,805,000. First Trust Advisors LP raised its position in shares of Applied Industrial Technologies by 34.3% during the first quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock worth $259,706,000 after purchasing an additional 249,961 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth $93,672,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Applied Industrial Technologies by 12.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 259,786 shares of the industrial products company’s stock valued at $69,976,000 after purchasing an additional 28,546 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Applied Industrial Technologies during the second quarter valued at $70,948,000. 93.52% of the stock is currently owned by institutional investors.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc (NYSE: AIT) is a distributor and value-added service provider of industrial motion, power transmission, fluid power, automation, and control products. Its offerings include bearings, mechanical power-transmission components, motors, gearboxes, hydraulic and pneumatic equipment, industrial hoses, process pumps, safety products, and related maintenance supplies.

The company also provides technical and engineering services designed to help customers improve equipment performance, reliability, and productivity.