Applied Industrial Technologies, Inc. (NYSE:AIT) Short Interest Update

Applied Industrial Technologies, Inc. (NYSE:AIT) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 541,900 shares, a drop of 5.6% from the October 15th total of 573,800 shares. Approximately 1.4% of the company’s shares are short sold. Based on an average daily volume of 244,800 shares, the days-to-cover ratio is currently 2.2 days.

Analyst Ratings Changes

AIT has been the topic of a number of research analyst reports. KeyCorp lifted their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, October 25th. StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Bank of America boosted their price objective on Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Raymond James boosted their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Finally, Robert W. Baird boosted their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Two 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 presently has a consensus rating of “Moderate Buy” and an average target price of $267.86.

Applied Industrial Technologies Stock Performance

Shares of AIT stock opened at $266.28 on Wednesday. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. The business has a 50 day moving average of $231.56 and a two-hundred day moving average of $209.01. The company has a market cap of $10.24 billion, a P/E ratio of 27.17, a PEG ratio of 3.66 and a beta of 1.03. Applied Industrial Technologies has a 52 week low of $155.47 and a 52 week high of $276.97.

Applied Industrial Technologies (NYSE:AIT) last issued 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. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The business’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.39 earnings per share. As a group, analysts anticipate that Applied Industrial Technologies will post 9.76 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.37 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.56%. Applied Industrial Technologies’s dividend payout ratio is currently 15.10%.

Insider Transactions at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 4,858 shares of Applied Industrial Technologies stock in a transaction on Friday, August 30th. The stock was 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 trade represents a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.67% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Large investors have recently added to or reduced their stakes in the company. EntryPoint Capital LLC acquired a new stake in Applied Industrial Technologies during the 1st quarter valued at $25,000. Headlands Technologies LLC acquired a new position in Applied Industrial Technologies during the 2nd quarter worth about $26,000. Opal Wealth Advisors LLC acquired a new position in Applied Industrial Technologies during the 2nd quarter valued at about $32,000. V Square Quantitative Management LLC bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at about $34,000. Finally, First Horizon Advisors Inc. increased its stake in Applied Industrial Technologies by 106.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 88 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.