Applied Industrial Technologies (NYSE:AIT) Price Target Raised to $230.00

Applied Industrial Technologies (NYSE:AIT) had its target price hoisted by Loop Capital from $215.00 to $230.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

Other equities research analysts have also recently issued reports about the company. StockNews.com cut Applied Industrial Technologies from a buy rating to a hold rating in a report on Thursday. Northcoast Research initiated coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They issued a neutral rating on the stock. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $226.67.

Applied Industrial Technologies Trading Up 0.8 %

Shares of AIT opened at $201.56 on Friday. Applied Industrial Technologies has a 1 year low of $142.66 and a 1 year high of $223.15. The company has a current ratio of 3.77, a quick ratio of 2.70 and a debt-to-equity ratio of 0.34. The stock has a 50 day simple moving average of $196.73 and a 200-day simple moving average of $192.36. The stock has a market cap of $7.78 billion, a PE ratio of 21.13, a PEG ratio of 2.03 and a beta of 1.06.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.12. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the firm posted $2.35 EPS. Applied Industrial Technologies’s quarterly revenue was up .2% compared to the same quarter last year. On average, sell-side analysts predict that Applied Industrial Technologies will post 9.62 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 15th will be given a $0.37 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.73%. Applied Industrial Technologies’s payout ratio is 15.51%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. QRG Capital Management Inc. boosted its position in shares of Applied Industrial Technologies by 0.9% in the 2nd quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company’s stock worth $1,254,000 after purchasing an additional 55 shares during the last quarter. Miller Howard Investments Inc. NY boosted its position in shares of Applied Industrial Technologies by 2.4% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock worth $446,000 after purchasing an additional 55 shares during the last quarter. Measured Wealth Private Client Group LLC boosted its position in shares of Applied Industrial Technologies by 1.2% in the 1st quarter. Measured Wealth Private Client Group LLC now owns 4,905 shares of the industrial products company’s stock worth $969,000 after purchasing an additional 59 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Applied Industrial Technologies by 0.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock worth $3,374,000 after purchasing an additional 61 shares during the last quarter. Finally, Private Advisor Group LLC boosted its position in shares of Applied Industrial Technologies by 2.6% in the 1st quarter. Private Advisor Group LLC now owns 2,481 shares of the industrial products company’s stock worth $490,000 after purchasing an additional 62 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors.

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.