Applied Industrial Technologies (NYSE:AIT) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Applied Industrial Technologies (NYSE:AIT) had its price objective raised by analysts at Robert W. Baird from $250.00 to $275.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Robert W. Baird’s target price points to a potential upside of 5.67% from the company’s previous close.

Other analysts also recently issued reports about the company. Raymond James reiterated an “outperform” rating and issued a $265.00 price target (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday. Mizuho began coverage on shares of Applied Industrial Technologies in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price target on the stock. KeyCorp lifted their target price on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Finally, Oppenheimer upped their target price on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $291.43.

Applied Industrial Technologies Trading Down 1.3 %

Shares of Applied Industrial Technologies stock opened at $260.24 on Thursday. The firm has a market capitalization of $10.01 billion, a price-to-earnings ratio of 26.37, a PEG ratio of 3.49 and a beta of 1.08. Applied Industrial Technologies has a fifty-two week low of $176.32 and a fifty-two week high of $282.98. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. The stock has a 50 day moving average of $257.05 and a 200 day moving average of $233.58.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.67% and a net margin of 8.62%. As a group, research analysts predict that Applied Industrial Technologies will post 9.77 earnings per share for the current year.

Insider Transactions at Applied Industrial Technologies

In other news, Director Mary Dean Hall sold 2,200 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total transaction of $605,176.00. Following the completion of the sale, the director now owns 3,462 shares in the company, valued at approximately $952,326.96. This trade represents a 38.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Warren E. Hoffner III sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the transaction, the vice president now directly owns 55,709 shares in the company, valued at approximately $15,689,882.76. This represents a 6.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.67% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Industrial Technologies

Several hedge funds have recently added to or reduced their stakes in the business. Wilkinson Global Asset Management LLC acquired a new position in shares of Applied Industrial Technologies in the 4th quarter worth approximately $1,159,000. New York State Common Retirement Fund lifted its holdings in Applied Industrial Technologies by 10.0% during the fourth quarter. New York State Common Retirement Fund now owns 159,047 shares of the industrial products company’s stock valued at $38,087,000 after purchasing an additional 14,426 shares during the last quarter. Kestra Investment Management LLC purchased a new stake in Applied Industrial Technologies during the fourth quarter valued at about $30,000. Truist Financial Corp boosted its stake in Applied Industrial Technologies by 4.1% during the fourth quarter. Truist Financial Corp now owns 3,591 shares of the industrial products company’s stock valued at $860,000 after buying an additional 142 shares during the period. Finally, CIBC Asset Management Inc boosted its position in shares of Applied Industrial Technologies by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 1,206 shares of the industrial products company’s stock valued at $289,000 after acquiring an additional 64 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

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.