Applied Industrial Technologies (NYSE:AIT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Applied Industrial Technologies (NYSE:AIT) from a hold rating to a buy rating in a research report report published on Saturday.

Several other equities research analysts also recently commented on AIT. Mizuho increased their price objective on Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a report on Friday. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a report on Friday. DA Davidson upped their price target on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a research report on Friday. Oppenheimer upped their price target on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $384.29.

Applied Industrial Technologies Stock Performance

AIT opened at $359.24 on Friday. Applied Industrial Technologies has a 52-week low of $238.34 and a 52-week high of $374.80. The firm has a market capitalization of $13.28 billion, a PE ratio of 32.78, a PEG ratio of 3.08 and a beta of 0.84. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58. The business’s 50-day simple moving average is $337.94 and its 200 day simple moving average is $304.16.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.25. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The business’s revenue was up 10.5% compared to the same quarter last year. During the same period last year, the company earned $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, sell-side analysts expect that Applied Industrial Technologies will post 11.95 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Friday, August 14th. Applied Industrial Technologies’s payout ratio is currently 18.61%.

Insider Buying and Selling at Applied Industrial Technologies

In other 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 completion of the sale, the director owned 4,951 shares in the company, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.60% of the stock is owned by insiders.

Institutional Trading of Applied Industrial Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $125,044,000. Thrivent Financial for Lutherans grew its stake 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 acquiring an additional 185,553 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Applied Industrial Technologies by 40.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company’s stock worth $5,539,000 after acquiring an additional 6,254 shares during the period. M&T Bank Corp increased its position in 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 worth $81,322,000 after acquiring an additional 299,960 shares during the period. Finally, Mutual of America Capital Management LLC raised its stake 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 worth $24,762,000 after purchasing an additional 26,612 shares in the last quarter. Institutional investors own 93.52% of the company’s stock.

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.