Applied Industrial Technologies (NYSE:AIT) Cut to “Hold” at Wall Street Zen

Applied Industrial Technologies (NYSE:AIT) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Several other equities research analysts have also recently issued reports on AIT. KeyCorp lifted their price objective on shares of Applied Industrial Technologies from $300.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, February 26th. Weiss Ratings restated a “buy (b)” rating on shares of Applied Industrial Technologies in a research report on Monday, December 29th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $294.38.

Applied Industrial Technologies Price Performance

NYSE:AIT opened at $253.46 on Friday. The business’s 50-day simple moving average is $274.90 and its two-hundred day simple moving average is $263.90. Applied Industrial Technologies has a 52 week low of $199.96 and a 52 week high of $296.70. The stock has a market cap of $9.45 billion, a PE ratio of 24.12, a P/E/G ratio of 2.46 and a beta of 0.81. The company has a quick ratio of 2.56, a current ratio of 3.68 and a debt-to-equity ratio of 0.31.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Tuesday, January 27th. The industrial products company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Applied Industrial Technologies had a return on equity of 21.74% and a net margin of 8.49%.The firm’s revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business posted $2.39 earnings per share. Applied Industrial Technologies has set its FY 2026 guidance at 10.450-10.750 EPS. As a group, analysts forecast that Applied Industrial Technologies will post 9.9 EPS for the current fiscal year.

Insider Activity

In related news, CEO Neil A. Schrimsher sold 19,207 shares of the business’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $285.85, for a total transaction of $5,490,320.95. Following the completion of the transaction, the chief executive officer owned 130,528 shares in the company, valued at $37,311,428.80. The trade was a 12.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Warren E. Hoffner III sold 4,000 shares of the company’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $288.62, for a total value of $1,154,480.00. Following the completion of the transaction, the vice president directly owned 52,751 shares in the company, valued at $15,224,993.62. This trade represents a 7.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 28,654 shares of company stock valued at $8,212,829. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Applied Industrial Technologies

Several institutional investors and hedge funds have recently made changes to their positions in AIT. Capital International Investors purchased a new position in Applied Industrial Technologies in the 3rd quarter worth about $200,456,000. Corient Private Wealth LLC boosted its position in Applied Industrial Technologies by 22,451.0% in the 4th quarter. Corient Private Wealth LLC now owns 585,423 shares of the industrial products company’s stock valued at $150,319,000 after buying an additional 582,827 shares during the period. Norges Bank bought a new position in Applied Industrial Technologies in the 4th quarter worth about $125,044,000. Qube Research & Technologies Ltd bought a new position in Applied Industrial Technologies in the 2nd quarter worth about $81,722,000. Finally, M&T Bank Corp increased its position in shares of Applied Industrial Technologies by 33,181.4% during the fourth quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company’s stock worth $81,322,000 after acquiring an additional 299,960 shares during the period. 93.52% of the stock is currently owned by institutional investors.

About Applied Industrial Technologies

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.