Applied Industrial Technologies, Inc. (NYSE:AIT) Receives $261.43 Average Target Price from Analysts

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) have been assigned a consensus recommendation of “Moderate Buy” from the eight analysts that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $267.86.

AIT has been the subject of several recent research reports. KeyCorp upped their price objective on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. StockNews.com raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Mizuho initiated coverage on Applied Industrial Technologies in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price objective for the company. Bank of America upped their price objective on Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Finally, Raymond James upped their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th.

Applied Industrial Technologies Stock Up 0.2 %

Shares of Applied Industrial Technologies stock opened at $267.40 on Tuesday. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies has a 12 month low of $155.47 and a 12 month high of $276.97. The business has a fifty day simple moving average of $230.16 and a 200 day simple moving average of $208.43. The stock has a market cap of $10.28 billion, a PE ratio of 27.29, a price-to-earnings-growth ratio of 3.66 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the firm earned $2.39 earnings per share. The company’s revenue was up .3% on a year-over-year basis. Research analysts predict that Applied Industrial Technologies will post 9.76 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.37 per share. The ex-dividend date is Friday, November 15th. This represents a $1.48 annualized dividend and a yield of 0.55%. Applied Industrial Technologies’s payout ratio is presently 15.10%.

Insider Buying and Selling

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the sale, the vice president now owns 19,315 shares in the company, valued at $3,922,876.50. This represents a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.67% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Industrial Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. EntryPoint Capital LLC bought a new stake in Applied Industrial Technologies in the first quarter valued at approximately $25,000. Headlands Technologies LLC bought a new stake in Applied Industrial Technologies in the second quarter valued at approximately $26,000. Opal Wealth Advisors LLC bought a new stake in Applied Industrial Technologies in the second quarter valued at approximately $32,000. V Square Quantitative Management LLC bought a new stake in Applied Industrial Technologies in the third quarter valued at approximately $34,000. Finally, First Horizon Advisors Inc. raised its stake in Applied Industrial Technologies by 106.0% in the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after buying an additional 88 shares during the period. Institutional investors own 93.52% of the company’s stock.

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.