Oppenheimer Forecasts Strong Price Appreciation for Applied Industrial Technologies (NYSE:AIT) Stock

Applied Industrial Technologies (NYSE:AIT) had its price target increased by equities research analysts at Oppenheimer from $260.00 to $305.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Oppenheimer’s price target suggests a potential upside of 12.33% from the stock’s current price.

AIT has been the topic of a number of other research reports. Mizuho started coverage on shares of Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 target price on the stock. Raymond James increased their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Loop Capital upped their target price on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Robert W. Baird upped their price objective on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, KeyCorp upped their price target on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Applied Industrial Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $267.86.

Applied Industrial Technologies Stock Down 0.9 %

NYSE AIT opened at $271.51 on Thursday. Applied Industrial Technologies has a 1 year low of $155.47 and a 1 year high of $276.97. The stock has a market capitalization of $10.44 billion, a PE ratio of 27.71, a PEG ratio of 3.76 and a beta of 1.03. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.78 and a quick ratio of 2.74. The business’s 50-day moving average is $225.72 and its 200 day moving average is $206.59.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.11. The firm 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 business’s revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.39 earnings per share. Sell-side analysts forecast that Applied Industrial Technologies will post 9.74 earnings per share for the current year.

Insider Activity at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction that occurred on 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction of $986,659.80. Following the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,927 shares of company stock valued at $2,439,116 over the last ninety days. Insiders own 1.67% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Glenmede Trust Co. NA lifted its holdings in shares of Applied Industrial Technologies by 11.4% in the third quarter. Glenmede Trust Co. NA now owns 3,928 shares of the industrial products company’s stock worth $876,000 after buying an additional 403 shares in the last quarter. Townsquare Capital LLC purchased a new stake in Applied Industrial Technologies in the 3rd quarter worth $226,000. Thematics Asset Management boosted its holdings in shares of Applied Industrial Technologies by 6.8% during the 3rd quarter. Thematics Asset Management now owns 54,835 shares of the industrial products company’s stock valued at $12,235,000 after purchasing an additional 3,500 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at about $32,233,000. Finally, Citigroup Inc. grew its position in shares of Applied Industrial Technologies by 123.0% during the third quarter. Citigroup Inc. now owns 40,048 shares of the industrial products company’s stock valued at $8,936,000 after purchasing an additional 22,089 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

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.