Applied Industrial Technologies (NYSE:AIT) Issues Earnings Results

Applied Industrial Technologies (NYSE:AIT) issued its quarterly earnings data on Tuesday. The industrial products company reported $2.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.08, Zacks reports. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. During the same period in the prior year, the company posted $2.63 EPS. The business’s revenue was up 7.6% compared to the same quarter last year.

Applied Industrial Technologies Trading Down 7.7%

Shares of AIT stock opened at $299.71 on Tuesday. Applied Industrial Technologies has a 1-year low of $238.72 and a 1-year high of $374.80. The firm has a market cap of $11.01 billion, a PE ratio of 27.83, a price-to-earnings-growth ratio of 2.54 and a beta of 0.85. The company has a 50-day moving average of $332.15 and a two-hundred day moving average of $308.38. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75.

Analyst Ratings Changes

AIT has been the topic of a number of recent 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 research report on Thursday, October 15th. DA Davidson boosted their target price on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Bank of America boosted their price objective on Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Weiss Ratings downgraded Applied Industrial Technologies from a “buy (a-)” rating to a “buy (b)” rating in a research report on Friday. Finally, Wall Street Zen upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Seven research analysts have rated the stock with a Buy rating. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $398.33.

Insider Activity at Applied Industrial Technologies

In other news, Director Peter C. Wallace sold 1,904 shares of the stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total transaction of $648,216.80. Following the sale, the director owned 22,859 shares of the company’s stock, valued at approximately $7,782,346.55. This represents a 7.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David K. Wells sold 1,812 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the completion of the transaction, the chief financial officer directly owned 32,050 shares of the company’s stock, valued at approximately $11,380,955. The trade was a 5.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Company Profile

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.