Applied Tech (AIT) Received its Third Buy in a Row

By Ryan Adsit

After KeyBanc and Robert W. Baird gave Applied Tech (NYSE: AIT) a Buy rating last month, the company received another Buy, this time from Wells Fargo. Analyst Allison Poliniak maintained a Buy rating on Applied Tech today. The company’s shares closed last Wednesday at $60.88.

According to TipRanks.com, Poliniak is a 4-star analyst with an average return of 4.3% and a 58.3% success rate. Poliniak covers the Services sector, focusing on stocks such as Kansas City Southern, Canadian Railway, and Canadian Pacific.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Applied Tech with a $72.50 average price target.

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Based on Applied Tech’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $831 million and GAAP net loss of $82.78 million. In comparison, last year the company earned revenue of $885 million and had a net profit of $16.54 million.

Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is neutral on the stock. Most recently, in May 2020, Peter C. Wallace, a Director at AIT sold 2,724 shares for a total of $159,163.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Applied Industrial Technologies, Inc. engages in the manufacture and distribution of industrial parts and products. It operates through the Service Center Based Distribution and Fluid Power Business segments. The Service Center-Based Distribution segment provides customers with a wide range of industrial products through a network of service centers. The Fluid Power Businesses segment consists of specialized regional companies that distribute fluid power components and operate shops to assemble fluid power systems and perform equipment repair. The company was founded by Joseph Bruening in January 1923 and is headquartered in Cleveland, OH.