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

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

A number of other equities analysts also recently weighed in on the stock. Robert W. Baird boosted their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Bank of America began coverage on Applied Industrial Technologies in a research note on Monday, October 7th. They issued a “neutral” rating and a $232.00 price objective on the stock. Mizuho began coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective on the stock. Northcoast Research began coverage on Applied Industrial Technologies in a research note on Monday, July 1st. They issued a “neutral” rating on the stock. Finally, StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $261.43.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $233.32 on Friday. The company’s 50-day moving average is $214.79 and its 200 day moving average is $201.24. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.56 and a current ratio of 3.53. The company has a market capitalization of $9.01 billion, a P/E ratio of 24.38, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. Applied Industrial Technologies has a fifty-two week low of $149.59 and a fifty-two week high of $240.45.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.08 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.39 EPS. On average, equities research 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 given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is 15.51%.

Insider Buying and Selling

In related news, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were 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 approximately $4,037,221.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 205,708 shares in the company, valued at approximately $41,602,385.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Kurt W. Loring sold 3,366 shares of the company’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 completion of the sale, the vice president now directly 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 11,927 shares of company stock worth $2,439,116. Insiders own 2.20% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. EntryPoint Capital LLC purchased a new stake in Applied Industrial Technologies in the first quarter worth approximately $25,000. Headlands Technologies LLC purchased a new stake in Applied Industrial Technologies in the second quarter worth approximately $26,000. Opal Wealth Advisors LLC purchased a new stake in Applied Industrial Technologies in the second quarter worth approximately $32,000. V Square Quantitative Management LLC purchased a new stake in Applied Industrial Technologies in the third quarter worth approximately $34,000. Finally, Quarry LP purchased a new stake in Applied Industrial Technologies in the second quarter worth approximately $39,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

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.