Applied Industrial Technologies (NYSE:AIT) Price Target Cut to $55.00 by Analysts at Wells Fargo & Co

Applied Industrial Technologies (NYSE:AIT) had its price target decreased by Wells Fargo & Co from $60.00 to $55.00 in a research note released on Thursday, The Fly reports. Wells Fargo & Co currently has a market perform rating on the industrial products company’s stock.

AIT has been the topic of a number of other research reports. KeyCorp reissued an overweight rating and issued a $65.00 target price (down previously from $70.00) on shares of Applied Industrial Technologies in a research report on Thursday. ValuEngine raised Applied Industrial Technologies from a sell rating to a hold rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $63.33.

NYSE AIT opened at $53.20 on Thursday. The firm has a market cap of $2.03 billion, a P/E ratio of 11.91 and a beta of 1.31. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.71 and a quick ratio of 1.61. The stock’s 50-day moving average is $58.55 and its 200-day moving average is $58.32. Applied Industrial Technologies has a one year low of $49.45 and a one year high of $82.35.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Wednesday, August 14th. The industrial products company reported $1.02 EPS for the quarter, missing the Zacks’ consensus estimate of $1.19 by ($0.17). The business had revenue of $882.70 million for the quarter, compared to analyst estimates of $919.72 million. Applied Industrial Technologies had a return on equity of 19.53% and a net margin of 4.15%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.03 EPS. Equities analysts anticipate that Applied Industrial Technologies will post 4.4 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Wednesday, August 14th. Applied Industrial Technologies’s dividend payout ratio is presently 28.12%.

A number of institutional investors have recently made changes to their positions in AIT. Nuveen Asset Management LLC acquired a new stake in Applied Industrial Technologies in the 2nd quarter valued at approximately $29,937,000. Victory Capital Management Inc. raised its position in Applied Industrial Technologies by 55.6% in the 1st quarter. Victory Capital Management Inc. now owns 1,051,933 shares of the industrial products company’s stock valued at $62,558,000 after buying an additional 375,980 shares during the last quarter. Fort Washington Investment Advisors Inc. OH acquired a new stake in Applied Industrial Technologies in the 1st quarter valued at approximately $15,373,000. BlackRock Inc. raised its position in Applied Industrial Technologies by 3.6% in the 1st quarter. BlackRock Inc. now owns 6,589,835 shares of the industrial products company’s stock valued at $391,897,000 after buying an additional 227,110 shares during the last quarter. Finally, Morgan Stanley raised its position in Applied Industrial Technologies by 348.1% in the 2nd quarter. Morgan Stanley now owns 288,092 shares of the industrial products company’s stock valued at $17,726,000 after buying an additional 223,797 shares during the last quarter. 88.48% of the stock is currently owned by institutional investors and hedge funds.

About Applied Industrial Technologies

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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