The stock of Applied Industrial Technologies (NYSE:AIT) hit a new 52-week high and has $63.74 target or 5.00% above today’s $60.70 share price. The 5 months bullish chart indicates low risk for the $2.40B company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $63.74 price target is reached, the company will be worth $120.00M 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 71,010 shares traded hands. Applied Industrial Technologies (NYSE:AIT) has risen 30.65% since April 28, 2016 and is uptrending. It has outperformed by 24.72% the S&P500.
Analysts await Applied Industrial Technologies (NYSE:AIT) to report earnings on January, 26. They expect $0.59 earnings per share, down 3.28% or $0.02 from last year’s $0.61 per share. AIT’s profit will be $23.33M for 25.72 P/E if the $0.59 EPS becomes a reality. After $0.70 actual earnings per share reported by Applied Industrial Technologies for the previous quarter, Wall Street now forecasts -15.71% negative EPS growth.
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. BB&T Capital downgraded the stock to “Hold” rating in Monday, October 26 report. The firm earned “Sector Weight” rating on Tuesday, July 21 by KeyBanc Capital Markets. The firm earned “Underperform” rating on Wednesday, August 12 by Longbow. As per Monday, March 21, the company rating was maintained by Avondale.
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 0.94 in 2016 Q2. Its down 0.13, from 1.07 in 2016Q1. The ratio is negative, 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.
The Manitoba – Canada-based Great West Life Assurance Com Can has invested 0% in Applied Industrial Technologies (NYSE:AIT). Deutsche Bank Ag, a Germany-based fund reported 189,260 shares. Blackrock Incorporated accumulated 0% or 6,984 shares. Ironbridge Capital Mngmt L P has invested 0.28% of its portfolio in Applied Industrial Technologies (NYSE:AIT). Fifth Third Bank owns 17,965 shares or 0.01% of their US portfolio. Amer Inc reported 27,486 shares or 0% of all its holdings. The Minnesota-based Us Natl Bank De has invested 0.01% in Applied Industrial Technologies (NYSE:AIT). Envestnet Asset Mngmt owns 1,843 shares or 0% of their US portfolio. Bnp Paribas Arbitrage Sa has 0% invested in the company for 13,220 shares. Smith Asset Mgmt Grp Lp has 0% invested in the company for 2,509 shares. Comml Bank Of Mellon Corp holds 0.01% or 565,283 shares in its portfolio. Kennedy Cap Management accumulated 0.15% or 161,543 shares. First Tru Advisors Limited Partnership holds 0% or 23,261 shares in its portfolio. The Tennessee-based First Mercantile Tru has invested 0.02% in Applied Industrial Technologies (NYSE:AIT). Schroder Inv Mgmt Grp Inc holds 1,000 shares or 0% of its portfolio.
Insider Transactions: Since November 9, 2016, the stock had 0 insider buys, and 3 insider sales for $683,464 net activity. $228,370 worth of Applied Industrial Technologies (NYSE:AIT) was sold by BAUER FRED D on Wednesday, November 9. $272,164 worth of Applied Industrial Technologies (NYSE:AIT) was sold by HILTZ L THOMAS. $182,930 worth of Applied Industrial Technologies (NYSE:AIT) was sold by DORSMAN PETER A on Friday, November 11.
More important 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 Reuters.com published article titled: “BRIEF-Applied Industrial Technologies reports Q1 EPS $0.70”, Seekingalpha.com published: “Applied Industrial Technologies (AIT) Q1 2017 Results – Earnings Call Transcript” on October 26, 2016. More interesting news about Applied Industrial Technologies (NYSE:AIT) was released by: Nasdaq.com and their article: “Applied Industrial Technologies, Inc. (AIT) Ex-Dividend Date Scheduled for …” with publication date: November 09, 2016.
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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