Analysts Set Applied Industrial Technologies, Inc. (NYSE:AIT) Price Target at $261.43

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) have earned a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $267.86.

AIT has been the subject of several recent analyst reports. Robert W. Baird boosted their price objective on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Bank of America lifted their target price on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Oppenheimer increased their price target on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Mizuho began coverage on Applied Industrial Technologies in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price target on the stock.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the business’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 transaction, the chief executive officer now owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. The trade was a 1.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $986,659.80. Following the transaction, the vice president now owns 19,315 shares in the company, valued at $3,922,876.50. This represents a 20.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,927 shares of company stock worth $2,439,116. Corporate insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Applied Industrial Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in shares of Applied Industrial Technologies by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,040,389 shares of the industrial products company’s stock worth $232,181,000 after buying an additional 40,689 shares during the last quarter. Vestcor Inc lifted its stake in shares of Applied Industrial Technologies by 105.5% in the 3rd quarter. Vestcor Inc now owns 7,750 shares of the industrial products company’s stock worth $1,729,000 after purchasing an additional 3,979 shares during the period. Bullseye Asset Management LLC purchased a new position in shares of Applied Industrial Technologies in the third quarter worth approximately $301,000. M&T Bank Corp bought a new position in Applied Industrial Technologies in the third quarter worth approximately $226,000. Finally, Barclays PLC boosted its stake in shares of Applied Industrial Technologies by 156.6% during the 3rd quarter. Barclays PLC now owns 74,109 shares of the industrial products company’s stock worth $16,537,000 after acquiring an additional 45,224 shares during the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Trading Down 1.4 %

NYSE:AIT opened at $266.73 on Tuesday. Applied Industrial Technologies has a 12 month low of $155.47 and a 12 month high of $276.97. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. The firm’s 50 day moving average is $230.16 and its 200 day moving average is $208.06. The stock has a market capitalization of $10.25 billion, a PE ratio of 27.22, a price-to-earnings-growth ratio of 3.73 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.25 by $0.11. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.39 EPS. Sell-side analysts expect that Applied Industrial Technologies will post 9.74 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The company 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 dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 0.55%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is 15.10%.

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.