Oppenheimer Boosts Applied Industrial Technologies (NYSE:AIT) Price Target to $260.00

Applied Industrial Technologies (NYSE:AIT) had its target price boosted by Oppenheimer from $235.00 to $260.00 in a research report report published on Friday morning, Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

Several other research analysts have also issued reports on the stock. 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 target for the company. Mizuho assumed coverage on shares of Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price target for the company. Robert W. Baird raised their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. KeyCorp raised 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 note on Friday. Finally, StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $261.43.

Applied Industrial Technologies Stock Up 0.9 %

Applied Industrial Technologies stock opened at $233.32 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. The firm has a fifty day moving average price of $214.79 and a two-hundred day moving average price of $201.24. Applied Industrial Technologies has a fifty-two week low of $149.59 and a fifty-two week high of $240.45. The firm has a market cap of $9.01 billion, a price-to-earnings ratio of 24.38, a P/E/G ratio of 3.12 and a beta of 1.03.

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

Applied Industrial Technologies Announces Dividend

The business also recently disclosed 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 of this dividend is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.63%. Applied Industrial Technologies’s payout ratio is 15.51%.

Insider Transactions at Applied Industrial Technologies

In related news, 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $203.10, for a total value of $986,659.80. Following the transaction, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the transaction, 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 a total of 11,927 shares of company stock worth $2,439,116 in the last three months. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AIT. EntryPoint Capital LLC bought a new position in Applied Industrial Technologies in the 1st quarter valued at about $25,000. Headlands Technologies LLC bought a new position in Applied Industrial Technologies in the 2nd quarter valued at about $26,000. Opal Wealth Advisors LLC bought a new position in Applied Industrial Technologies in the 2nd quarter valued at about $32,000. V Square Quantitative Management LLC bought a new position in Applied Industrial Technologies in the 3rd quarter valued at about $34,000. Finally, Quarry LP bought a new position in Applied Industrial Technologies in the 2nd quarter valued at about $39,000. 93.52% of the stock is owned by institutional investors.

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.