Mizuho Begins Coverage on Applied Industrial Technologies (NYSE:AIT)

Mizuho initiated coverage on shares of Applied Industrial Technologies (NYSE:AIT) in a report published on Tuesday, MarketBeat.com reports. The firm issued an outperform rating and a $285.00 price objective on the industrial products company’s stock.

Other equities research analysts have also issued research reports about the company. Northcoast Research started coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They set a “neutral” rating on the stock. Loop Capital raised their target price on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, August 16th. KeyCorp upped their price target on shares of Applied Industrial Technologies from $215.00 to $245.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Finally, Bank of America started coverage on shares of Applied Industrial Technologies in a research report on Monday, October 7th. They issued a “neutral” rating and a $232.00 price objective on the stock. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $255.71.

Applied Industrial Technologies Stock Down 0.3 %

Shares of NYSE AIT opened at $231.32 on Tuesday. The firm has a 50 day moving average price of $214.79 and a 200 day moving average price of $201.14. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.56 and a current ratio of 3.53. The stock has a market cap of $8.93 billion, a P/E ratio of 24.25, a P/E/G ratio of 3.12 and a beta of 1.03. Applied Industrial Technologies has a 52-week low of $149.59 and a 52-week high of $240.45.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.11. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.08 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The firm’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.39 EPS. Analysts expect that Applied Industrial Technologies will post 9.69 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 annualized dividend and a yield of 0.64%. Applied Industrial Technologies’s payout ratio is currently 15.51%.

Insiders Place Their Bets

In other news, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the transaction, the vice president now owns 19,315 shares in the company, valued at $4,037,221.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the sale, the vice president now owns 19,315 shares in the company, valued at $4,037,221.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the transaction, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,927 shares of company stock valued at $2,439,116 in the last three months. 2.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Boston Trust Walden Corp lifted its stake in Applied Industrial Technologies by 1.2% in the 2nd quarter. Boston Trust Walden Corp now owns 630,915 shares of the industrial products company’s stock valued at $122,398,000 after purchasing an additional 7,720 shares during the last quarter. Dundas Partners LLP acquired a new stake in shares of Applied Industrial Technologies in the second quarter valued at approximately $46,805,000. Handelsbanken Fonder AB lifted its position in shares of Applied Industrial Technologies by 28.7% in the third quarter. Handelsbanken Fonder AB now owns 221,823 shares of the industrial products company’s stock valued at $49,495,000 after buying an additional 49,500 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Applied Industrial Technologies by 18.2% during the 2nd quarter. Victory Capital Management Inc. now owns 204,430 shares of the industrial products company’s stock worth $39,659,000 after acquiring an additional 31,514 shares during the period. Finally, Nordea Investment Management AB acquired a new position in shares of Applied Industrial Technologies during the 1st quarter worth approximately $39,093,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Company Profile

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.