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

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) have received an average rating of “Moderate Buy” from the eight analysts that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $267.86.

A number of brokerages have recently commented on AIT. KeyCorp upped their price objective on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Loop Capital upped their price objective on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Bank of America increased their price target on shares of 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, Oppenheimer increased their price target on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the sale, the chief executive officer now directly owns 205,708 shares in the company, valued at approximately $41,602,385.92. This trade represents a 1.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the sale, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. This trade represents a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,927 shares of company stock valued at $2,439,116. 1.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. EntryPoint Capital LLC bought a new position in Applied Industrial Technologies in the first quarter valued at $25,000. Headlands Technologies LLC bought a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at about $26,000. Opal Wealth Advisors LLC bought a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at about $32,000. V Square Quantitative Management LLC bought a new position in shares of Applied Industrial Technologies in the 3rd quarter valued at about $34,000. Finally, First Horizon Advisors Inc. grew its position in shares of Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 88 shares during the period. Institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Trading Down 0.1 %

Shares of NYSE:AIT opened at $271.30 on Tuesday. The stock has a market capitalization of $10.43 billion, a PE ratio of 27.90, a P/E/G ratio of 3.76 and a beta of 1.03. Applied Industrial Technologies has a 1 year low of $155.47 and a 1 year high of $276.97. The firm has a fifty day moving average price of $227.18 and a 200 day moving average price of $207.04. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly 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 net margin of 8.57% and a return on equity of 22.68%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the prior year, the company earned $2.39 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. Analysts expect that Applied Industrial Technologies will post 9.74 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed 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 is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.55%. Applied Industrial Technologies’s payout ratio is presently 15.10%.

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.