Applied Industrial Technologies (NYSE:AIT) Given New $240.00 Price Target at Bank of America

Applied Industrial Technologies (NYSE:AIT) had its target price increased by Bank of America from $232.00 to $240.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. Bank of America‘s target price points to a potential upside of 3.76% from the stock’s current price.

A number of other research analysts also recently commented on the stock. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Oppenheimer increased their price target on shares of Applied Industrial Technologies from $235.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday. Raymond James boosted their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday. KeyCorp increased their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Northcoast Research began coverage on Applied Industrial Technologies in a report on Monday, July 1st. They issued a “neutral” rating for the company. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $255.71.

Applied Industrial Technologies Stock Down 0.3 %

Shares of Applied Industrial Technologies stock opened at $231.30 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. Applied Industrial Technologies has a 1-year low of $149.59 and a 1-year high of $240.45. The business has a 50-day moving average of $214.79 and a 200-day moving average of $201.18. The company has a market capitalization of $8.93 billion, a PE ratio of 24.25, a P/E/G ratio of 3.12 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last posted 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 company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.08 billion. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. Applied Industrial Technologies’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.39 EPS. As a group, equities analysts forecast that Applied Industrial Technologies will post 9.69 EPS for the current fiscal year.

Insider Activity at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, VP Kurt W. Loring sold 3,366 shares of the firm’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 sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Neil A. Schrimsher sold 3,703 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the transaction, the chief executive officer now owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,927 shares of company stock worth $2,439,116 in the last ninety days. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Industrial Technologies

Several large investors have recently bought and sold shares of the stock. Kingswood Wealth Advisors LLC bought a new position in shares of Applied Industrial Technologies in the first quarter valued at approximately $365,000. Fox Hill Wealth Management bought a new position in Applied Industrial Technologies during the 1st quarter valued at $367,000. AlphaMark Advisors LLC acquired a new position in shares of Applied Industrial Technologies during the 1st quarter valued at $348,000. State of Michigan Retirement System bought a new stake in shares of Applied Industrial Technologies in the 1st quarter worth $1,877,000. Finally, Measured Wealth Private Client Group LLC lifted its holdings in shares of Applied Industrial Technologies by 1.2% in the first quarter. Measured Wealth Private Client Group LLC now owns 4,905 shares of the industrial products company’s stock valued at $969,000 after buying an additional 59 shares during the period. 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.