Loop Capital Issues Pessimistic Forecast for Applied Industrial Technologies (NYSE:AIT) Stock Price

Applied Industrial Technologies (NYSE:AIT) had its target price cut by analysts at Loop Capital from $320.00 to $290.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Loop Capital’s price target suggests a potential upside of 30.66% from the company’s previous close.

Several other equities analysts have also issued reports on AIT. Robert W. Baird boosted their price target on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. KeyCorp reduced their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating for the company in a report on Monday, March 17th. Raymond James restated an “outperform” rating and issued a $265.00 target price (up from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. Finally, StockNews.com lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $287.14.

Applied Industrial Technologies Trading Up 3.0 %

NYSE:AIT opened at $221.94 on Thursday. Applied Industrial Technologies has a 52 week low of $177.68 and a 52 week high of $282.98. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. The firm’s fifty day moving average is $233.63 and its 200-day moving average is $245.45. The firm has a market cap of $8.52 billion, a P/E ratio of 22.49, a P/E/G ratio of 3.14 and a beta of 1.01.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. Equities analysts expect that Applied Industrial Technologies will post 9.9 earnings per share for the current year.

Institutional Investors Weigh In On Applied Industrial Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its holdings in shares of Applied Industrial Technologies by 5,900.0% in the fourth quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 118 shares in the last quarter. Kestra Investment Management LLC bought a new position in Applied Industrial Technologies in the 4th quarter valued at $30,000. MassMutual Private Wealth & Trust FSB grew its stake in Applied Industrial Technologies by 51.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 44 shares during the period. Harbor Investment Advisory LLC increased its position in shares of Applied Industrial Technologies by 97.5% during the 1st quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 79 shares during the last quarter. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Applied Industrial Technologies during the 1st quarter worth $41,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.