Applied Industrial Technologies, Inc. (NYSE:AIT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Applied Industrial Technologies, Inc. (NYSE:AIT) has received a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $336.7143.

Several research firms have recently weighed in on AIT. Oppenheimer lifted their price objective on Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. Weiss Ratings restated a “buy (b)” rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. DA Davidson began coverage on Applied Industrial Technologies in a research note on Tuesday, June 16th. They set a “buy” rating and a $380.00 target price for the company. KeyCorp lifted their target price on Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an “overweight” rating in a report on Monday, July 13th. Finally, Mizuho boosted their price target on Applied Industrial Technologies from $330.00 to $355.00 and gave the company an “outperform” rating in a research note on Tuesday, July 21st.

Insiders Place Their Bets

In related news, Director Madhuri A. Andrews sold 3,845 shares of the stock in a transaction on 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 transaction, the director directly owned 4,951 shares of the company’s stock, valued at $1,633,285.39. This represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Warren E. Hoffner III sold 8,000 shares of the firm’s stock in a transaction on 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 completion of the sale, the vice president owned 40,751 shares of the company’s stock, valued at $12,471,436.04. The trade was a 16.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by insiders.

Institutional Trading of Applied Industrial Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AIT. Corient Private Wealth LLC boosted its holdings in Applied Industrial Technologies by 22,451.0% in the fourth quarter. Corient Private Wealth LLC now owns 585,423 shares of the industrial products company’s stock worth $150,319,000 after acquiring an additional 582,827 shares in the last quarter. Norges Bank bought a new stake in shares of Applied Industrial Technologies during the fourth quarter valued at approximately $125,044,000. M&T Bank Corp increased its holdings in shares of Applied Industrial Technologies by 33,181.4% during the fourth quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company’s stock valued at $81,322,000 after acquiring an additional 299,960 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of Applied Industrial Technologies by 4,933.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 264,575 shares of the industrial products company’s stock worth $67,935,000 after purchasing an additional 259,319 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Applied Industrial Technologies by 34.3% during the first quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock worth $259,706,000 after purchasing an additional 249,961 shares during the period. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $334.46 on Thursday. The company has a market capitalization of $12.36 billion, a PE ratio of 31.58, a P/E/G ratio of 3.00 and a beta of 0.83. The company has a quick ratio of 1.97, a current ratio of 2.95 and a debt-to-equity ratio of 0.19. Applied Industrial Technologies has a twelve month low of $238.34 and a twelve month high of $352.76. The firm has a fifty day simple moving average of $326.14 and a 200 day simple moving average of $297.12.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Tuesday, April 28th. The industrial products company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.63 by $0.02. Applied Industrial Technologies had a net margin of 8.34% and a return on equity of 21.64%. The business had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the prior year, the firm posted $2.57 earnings per share. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, sell-side analysts forecast that Applied Industrial Technologies will post 10.71 EPS for the current year.

Applied Industrial Technologies Announces Dividend

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

Applied Industrial Technologies Company Profile

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.