Applied Industrial Technologies (NYSE:AIT) Price Target Raised to $275.00

Applied Industrial Technologies (NYSE:AIT) had its target price boosted by KeyCorp from $245.00 to $275.00 in a research note published on Friday morning, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

A number of other research analysts also recently commented on AIT. Loop Capital boosted their price objective on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, August 16th. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Northcoast Research began coverage on Applied Industrial Technologies in a report on Monday, July 1st. They set a “neutral” rating for the company. Robert W. Baird lifted their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Raymond James initiated coverage on Applied Industrial Technologies in a research report on Wednesday, September 4th. They issued an “outperform” rating and a $225.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $255.71.

Applied Industrial Technologies Price Performance

AIT opened at $231.30 on Friday. The firm has a market capitalization of $8.93 billion, a P/E ratio of 24.25, a PEG ratio of 3.12 and a beta of 1.03. The stock has a fifty day moving average of $214.79 and a 200-day moving average of $201.18. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies has a 12-month low of $149.59 and a 12-month high of $240.45.

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

Applied Industrial Technologies Announces Dividend

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

Insiders Place Their Bets

In other news, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the transaction, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the transaction, the vice president now owns 19,315 shares of the company’s stock, valued at $3,922,876.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now directly owns 19,315 shares in the company, valued at approximately $4,037,221.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,927 shares of company stock valued at $2,439,116 over the last quarter. Insiders own 2.20% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dundas Partners LLP acquired a new stake in shares of Applied Industrial Technologies in the second quarter worth $46,805,000. Nordea Investment Management AB bought a new stake in Applied Industrial Technologies in the 1st quarter valued at $39,093,000. Retirement Systems of Alabama acquired a new stake in Applied Industrial Technologies in the 1st quarter worth $19,263,000. International Assets Investment Management LLC bought a new position in shares of Applied Industrial Technologies during the 3rd quarter worth about $213,590,000. Finally, F M Investments LLC acquired a new position in shares of Applied Industrial Technologies during the second quarter valued at about $15,690,000. Institutional investors and hedge funds 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.