Robert W. Baird Raises Applied Industrial Technologies (NYSE:AIT) Price Target to $300.00

Applied Industrial Technologies (NYSE:AIT) had its price target lifted by equities research analysts at Robert W. Baird from $265.00 to $300.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. Robert W. Baird’s price objective points to a potential upside of 17.47% from the stock’s current price.

AIT has been the subject of several other reports. Raymond James Financial lowered Applied Industrial Technologies from an “outperform” rating to a “market perform” rating in a report on Friday. Loop Capital reduced their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Finally, Wall Street Zen upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $287.86.

Applied Industrial Technologies Stock Down 6.5%

Shares of NYSE:AIT opened at $255.38 on Friday. The company’s fifty day moving average is $251.02 and its two-hundred day moving average is $240.26. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.32. Applied Industrial Technologies has a 1-year low of $191.31 and a 1-year high of $282.98. The stock has a market capitalization of $9.72 billion, a price-to-earnings ratio of 25.24, a price-to-earnings-growth ratio of 3.14 and a beta of 0.94.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, August 14th. The industrial products company reported $2.80 earnings per share for the quarter, beating analysts’ consensus estimates of $2.60 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 21.78%. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.64 EPS. Equities analysts anticipate that Applied Industrial Technologies will post 9.9 EPS for the current year.

Applied Industrial Technologies declared that its Board of Directors has initiated a stock buyback program on Thursday, May 1st that allows the company to buyback 1,500,000 shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB raised its stake in Applied Industrial Technologies by 51.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 44 shares in the last quarter. Rise Advisors LLC grew its stake in shares of Applied Industrial Technologies by 111.1% in the first quarter. Rise Advisors LLC now owns 133 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 70 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in shares of Applied Industrial Technologies by 2,033.3% during the second quarter. Hantz Financial Services Inc. now owns 128 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 122 shares during the period. Maseco LLP bought a new stake in shares of Applied Industrial Technologies during the second quarter valued at about $35,000. Finally, Harbor Investment Advisory LLC raised its stake in shares of Applied Industrial Technologies by 97.5% during the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 79 shares in the last quarter. 93.52% of the stock is 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.