Applied Industrial Technologies (NYSE:AIT) Price Target Raised to $250.00 at Raymond James

Applied Industrial Technologies (NYSE:AIT) had its target price lifted by Raymond James from $225.00 to $250.00 in a research report released on Friday morning, Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

Several other brokerages also recently issued reports on AIT. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. KeyCorp increased their price target on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday. Robert W. Baird raised their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Mizuho began coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 target price for the company. Finally, Northcoast Research started coverage on Applied Industrial Technologies in a research note on Monday, July 1st. They issued a “neutral” rating on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Applied Industrial Technologies has a consensus rating of “Moderate Buy” and an average target price of $255.71.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $231.30 on Friday. Applied Industrial Technologies has a one year low of $149.59 and a one year high of $240.45. The stock has a market cap of $8.93 billion, a PE ratio of 24.25, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. The business’s fifty day moving average price is $214.79 and its two-hundred day moving average price is $201.18. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.56 and a current ratio of 3.53.

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

Applied Industrial Technologies Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.51%.

Insiders Place Their Bets

In related news, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction that occurred on 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the sale, the chief executive officer now owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Kurt W. Loring sold 3,366 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the transaction, the vice president now directly owns 19,315 shares in the company, valued at $4,037,221.30. This trade 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 worth $2,439,116 over the last three months. 2.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AIT. Quadrature Capital Ltd purchased a new position in Applied Industrial Technologies in the 1st quarter valued at about $593,000. American International Group Inc. raised its holdings in Applied Industrial Technologies by 232.6% in the first quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock valued at $13,809,000 after acquiring an additional 48,883 shares in the last quarter. State of Michigan Retirement System bought a new position in Applied Industrial Technologies during the 1st quarter valued at $1,877,000. Sanctuary Advisors LLC bought a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth about $1,279,000. Finally, Van ECK Associates Corp raised its stake in shares of Applied Industrial Technologies by 36.5% in the 1st quarter. Van ECK Associates Corp now owns 15,263 shares of the industrial products company’s stock valued at $3,015,000 after purchasing an additional 4,082 shares in the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

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.