Applied Industrial Technologies (NYSE:AIT) Sets New 1-Year High on Analyst Upgrade

Applied Industrial Technologies, Inc. (NYSE:AIT)’s share price reached a new 52-week high during trading on Thursday after Robert W. Baird raised their price target on the stock from $210.00 to $250.00. Robert W. Baird currently has an outperform rating on the stock. Applied Industrial Technologies traded as high as $234.93 and last traded at $234.25, with a volume of 74323 shares. The stock had previously closed at $234.39.

A number of other equities research analysts have also commented on AIT. Bank of America assumed coverage on shares of 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. Loop Capital increased their price target on Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, August 16th. KeyCorp boosted their price objective on Applied Industrial Technologies from $215.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Northcoast Research started coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They set a “neutral” rating on the stock. Finally, StockNews.com downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $236.17.

Insider Transactions at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 3,366 shares of the business’s stock in a transaction dated 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 $4,037,221.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies stock in a transaction 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 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 trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the transaction, the chief executive officer now directly owns 205,708 shares in the company, valued at $41,602,385.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,927 shares of company stock valued at $2,439,116 in the last 90 days. 2.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of hedge funds have recently added to or reduced their stakes in AIT. Vanguard Group Inc. lifted its holdings in shares of Applied Industrial Technologies by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 5,072,162 shares of the industrial products company’s stock valued at $875,912,000 after purchasing an additional 14,858 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in Applied Industrial Technologies during the 1st quarter worth $902,000. Kingswood Wealth Advisors LLC bought a new stake in shares of Applied Industrial Technologies in the 1st quarter worth $365,000. Ausbil Investment Management Ltd raised its holdings in shares of Applied Industrial Technologies by 15.2% in the first quarter. Ausbil Investment Management Ltd now owns 15,135 shares of the industrial products company’s stock valued at $2,957,000 after purchasing an additional 1,997 shares during the last quarter. Finally, Hennessy Advisors Inc. lifted its position in shares of Applied Industrial Technologies by 18.3% during the first quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock valued at $36,606,000 after purchasing an additional 28,700 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Price Performance

The company has a market capitalization of $9.08 billion, a P/E ratio of 24.65, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. The business’s 50-day moving average is $211.07 and its two-hundred day moving average is $199.72. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, topping the consensus estimate of $2.52 by $0.12. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The company’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.35 EPS. As a group, analysts predict that Applied Industrial Technologies, Inc. will post 9.69 earnings per share for the current year.

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.