Applied Industrial Technologies (NYSE:AIT) Stock Rating Upgraded by Robert W. Baird

Applied Industrial Technologies (NYSE:AIT – Get Rating) was upgraded by investment analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a report released on Friday, MarketBeat Ratings reports. The firm currently has a $160.00 price objective on the industrial products company’s stock. Robert W. Baird’s target price points to a potential upside of 21.00% from the company’s previous close.

Other research analysts have also issued research reports about the company. Loop Capital raised their price objective on Applied Industrial Technologies from $150.00 to $170.00 and gave the company a “buy” rating in a report on Friday, January 27th. StockNews.com began coverage on Applied Industrial Technologies in a report on Thursday. They set a “buy” rating on the stock. Finally, KeyCorp raised their price objective on Applied Industrial Technologies from $138.00 to $162.00 and gave the stock an “overweight” rating in a research report on Friday, January 27th.

Applied Industrial Technologies Stock Performance

AIT stock opened at $132.23 on Friday. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of 16.97 and a beta of 1.19. The firm has a 50-day simple moving average of $136.55 and a two-hundred day simple moving average of $124.59. Applied Industrial Technologies has a one year low of $88.09 and a one year high of $149.42. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.01 and a current ratio of 3.18.

Applied Industrial Technologies (NYSE:AIT – Get Rating) last issued its quarterly earnings results on Thursday, January 26th. The industrial products company reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.34. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $996.44 million. Applied Industrial Technologies had a net margin of 7.32% and a return on equity of 25.58%. Applied Industrial Technologies’s quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 EPS. On average, equities analysts forecast that Applied Industrial Technologies will post 8.34 EPS for the current fiscal year.

Insider Transactions at Applied Industrial Technologies

In related news, CEO Neil A. Schrimsher sold 21,526 shares of the company’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $145.06, for a total value of $3,122,561.56. Following the completion of the sale, the chief executive officer now owns 318,218 shares in the company, valued at approximately $46,160,703.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Neil A. Schrimsher sold 21,526 shares of the company’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $145.06, for a total value of $3,122,561.56. Following the completion of the sale, the chief executive officer now owns 318,218 shares in the company, valued at approximately $46,160,703.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Neil A. Schrimsher sold 4,186 shares of the company’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $145.00, for a total transaction of $606,970.00. Following the completion of the sale, the chief executive officer now owns 339,744 shares of the company’s stock, valued at approximately $49,262,880. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of large investors have recently bought and sold shares of the company. Metropolitan Life Insurance Co NY grew its stake in shares of Applied Industrial Technologies by 3.2% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 2,351 shares of the industrial products company’s stock worth $296,000 after purchasing an additional 72 shares during the period. Ellevest Inc. lifted its holdings in shares of Applied Industrial Technologies by 30.7% during the 3rd quarter. Ellevest Inc. now owns 370 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 87 shares during the period. Captrust Financial Advisors raised its holdings in Applied Industrial Technologies by 2.9% in the second quarter. Captrust Financial Advisors now owns 3,404 shares of the industrial products company’s stock valued at $327,000 after buying an additional 97 shares during the period. Van ECK Associates Corp raised its holdings in Applied Industrial Technologies by 9.9% in the third quarter. Van ECK Associates Corp now owns 1,114 shares of the industrial products company’s stock valued at $114,000 after buying an additional 100 shares during the period. Finally, Meritage Portfolio Management raised its holdings in Applied Industrial Technologies by 3.6% in the fourth quarter. Meritage Portfolio Management now owns 3,196 shares of the industrial products company’s stock valued at $403,000 after buying an additional 112 shares during the period. Hedge funds and other institutional investors own 92.02% of the company’s stock.

Applied Industrial Technologies Company Profile

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Applied Industrial Technologies, Inc engages in the manufacture and distribution of industrial parts and products. It operates through the Service Center Based Distribution, and Fluid Power & Flow Control Business segments. The Service Center-Based Distribution segment provides customers with a wide range of industrial products through a network of service centers.