Applied Industrial Technologies (NYSE:AIT) Hits New 1-Year High – Still a Buy?

Applied Industrial Technologies, Inc. (NYSE:AIT)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $352.76 and last traded at $348.0040, with a volume of 296036 shares changing hands. The stock had previously closed at $349.31.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on AIT shares. Mizuho increased their price target on shares of Applied Industrial Technologies from $330.00 to $355.00 and gave the company an “outperform” rating in a report on Tuesday, July 21st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Robert W. Baird set a $317.00 price target on Applied Industrial Technologies in a research note on Wednesday, April 29th. Oppenheimer raised their price objective on Applied Industrial Technologies from $300.00 to $350.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. Finally, DA Davidson began coverage on Applied Industrial Technologies in a research report on Tuesday, June 16th. They set a “buy” rating and a $380.00 target price on the stock. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Applied Industrial Technologies has an average rating of “Moderate Buy” and a consensus price target of $336.71.

Applied Industrial Technologies Stock Down 0.4%

The company has a market cap of $12.86 billion, a PE ratio of 32.86, a P/E/G ratio of 3.01 and a beta of 0.83. The firm has a 50-day simple moving average of $325.58 and a two-hundred day simple moving average of $296.63. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.95 and a quick ratio of 1.97.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.63 by $0.02. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. Applied Industrial Technologies had a return on equity of 21.64% and a net margin of 8.34%.The business’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.57 earnings per share. Research analysts anticipate that Applied Industrial Technologies, Inc. will post 10.71 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be paid a $0.51 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies’s payout ratio is presently 19.26%.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the sale, the director directly owned 4,951 shares of the company’s stock, valued at $1,633,285.39. This trade represents a 43.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Warren E. Hoffner III sold 8,000 shares of Applied Industrial Technologies stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $306.04, for a total transaction of $2,448,320.00. Following the sale, the vice president owned 40,751 shares of the company’s stock, valued at approximately $12,471,436.04. This trade represents a 16.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Industrial Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans grew its position in shares of Applied Industrial Technologies by 1,628.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company’s stock valued at $50,570,000 after purchasing an additional 185,553 shares during the period. Norges Bank purchased a new position in Applied Industrial Technologies during the fourth quarter worth about $125,044,000. M&T Bank Corp boosted its stake in Applied Industrial Technologies by 33,181.4% in the 4th quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company’s stock worth $81,322,000 after buying an additional 299,960 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Applied Industrial Technologies by 40.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company’s stock valued at $5,539,000 after buying an additional 6,254 shares during the period. Finally, Mutual of America Capital Management LLC grew its holdings in Applied Industrial Technologies by 38.1% in the 4th quarter. Mutual of America Capital Management LLC now owns 96,438 shares of the industrial products company’s stock valued at $24,762,000 after buying an additional 26,612 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.

About Applied Industrial Technologies

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.