The stock of Applied Industrial Technologies (NYSE:AIT) hit a new 52-week high and has $81.94 target or 43.00% above today’s $57.30 share price. The 6 months bullish chart indicates low risk for the $2.26B company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $81.94 price target is reached, the company will be worth $971.80M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 20,215 shares traded hands. Applied Industrial Technologies (NYSE:AIT) has risen 26.23% since April 15, 2016 and is uptrending. It has outperformed by 21.60% the S&P500.
Applied Industrial Technologies (NYSE:AIT) Ratings Coverage
Out of 3 analysts covering Applied Industrial Technologies (NYSE:AIT), 0 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 0 are positive. Applied Industrial Technologies has been the topic of 4 analyst reports since July 21, 2015 according to StockzIntelligence Inc. KeyBanc Capital Markets initiated Applied Industrial Technologies (NYSE:AIT) on Tuesday, July 21 with “Sector Weight” rating. BB&T Capital downgraded the shares of AIT in a report on Monday, October 26 to “Hold” rating. The firm earned “Underperform” rating on Wednesday, August 12 by Longbow. The rating was maintained by Avondale on Monday, March 21 with “Market Perform”.
According to Zacks Investment Research, “Applied Industrial Technologies is one of North America’s leading distributors of bearings, linear technologies, power transmission components, rubber products, specialty maintenance items and electrical/mechanical and fluid power products and systems to the MRO (maintenance and repair operations) and OEM (original equipment manufacturer) markets. The company offers products to a broad cross-section of U.S. industries.”
Insitutional Activity: The institutional sentiment decreased to 1.07 in Q2 2016. Its down 0.43, from 1.5 in 2016Q1. The ratio fall, as 15 funds sold all Applied Industrial Technologies shares owned while 61 reduced positions. 25 funds bought stakes while 56 increased positions. They now own 31.62 million shares or 4.50% less from 33.11 million shares in 2016Q1.
Crawford Investment Counsel holds 0.07% or 36,940 shares in its portfolio. Macquarie Gp Ltd, a Australia-based fund reported 546,474 shares. Comml Bank Of Montreal Can has invested 0% of its portfolio in Applied Industrial Technologies (NYSE:AIT). Pinnacle Assocs has 0.02% invested in the company for 18,361 shares. Orca Investment Mgmt Ltd Com holds 55,167 shares or 2.43% of its portfolio. Acadian Asset Mngmt Ltd Company holds 4,213 shares or 0% of its portfolio. Thrivent Financial For Lutherans holds 47,920 shares or 0.01% of its portfolio. Tiaa Cref Invest Management Llc last reported 166,271 shares in the company. Parametric Port Lc reported 143,128 shares or 0.01% of all its holdings. Assetmark Incorporated owns 1,000 shares or 0% of their US portfolio. Proshare Advsr Ltd Liability Company has 5,515 shares for 0% of their US portfolio. Tradewinds Capital Limited Company owns 472 shares or 0.02% of their US portfolio. Hsbc Public Limited Com accumulated 0% or 6,896 shares. Quantitative Systematic Strategies has 0.43% invested in the company for 20,906 shares. Louisiana State Employees Retirement holds 0.04% of its portfolio in Applied Industrial Technologies (NYSE:AIT) for 17,300 shares.
Insider Transactions: Since November 9, 2016, the stock had 0 insider buys, and 3 insider sales for $683,464 net activity. 3,378 shares with value of $182,930 were sold by DORSMAN PETER A on Friday, November 11. Shares for $272,164 were sold by HILTZ L THOMAS on Thursday, November 10. Another trade for 4,233 shares valued at $228,370 was sold by BAUER FRED D.
More recent Applied Industrial Technologies (NYSE:AIT) news were published by: Nasdaq.com which released: “Ex-Dividend Reminder: Jabil Circuit, Applied Industrial Technologies and MAXIMUS” on November 08, 2016. Also Forbes.com published the news titled: “Ex-Dividend Reminder: Jabil Circuit, Applied Industrial Technologies and R.R …” on August 09, 2016. Nasdaq.com‘s news article titled: “Applied Industrial Technologies, Inc. (AIT) Ex-Dividend Date Scheduled for …” with publication date: November 09, 2016 was also an interesting one.
AIT Company Profile
Applied Industrial Technologies, Inc., incorporated on September 6, 1988, is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and activities (MRO), and original equipment manufacturing (OEM) clients in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services. The Firm also provides product-related technical application support and solutions to help clients manage their production downtime, machine performance, and overall procurement and maintenance costs. It operates in two divisions: service center distribution and fluid power businesses. The service center distribution segment provides clients with a range of industrial products primarily through a network of service centers. The fluid power businesses segment consists of specialized regional companies that distribute fluid power components, design and assemble fluid power systems and perform equipment repair. The fluid power businesses primarily sell services and products directly to clients rather than through the service centers. The Company’s field operating structure is built on two platforms: service center distribution and fluid power businesses.
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