Applied Industrial Technologies, Inc. (NYSE:AIT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) have been given a consensus recommendation of “Moderate Buy” by the five brokerages that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $222.50.

AIT has been the subject of a number of recent analyst reports. Northcoast Research began coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They set a “neutral” rating for the company. StockNews.com cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, August 24th. KeyCorp upped their target price on shares of Applied Industrial Technologies from $210.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, August 16th. Robert W. Baird increased their price target on Applied Industrial Technologies from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Loop Capital boosted their price target on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, August 16th.

Applied Industrial Technologies Price Performance

Shares of Applied Industrial Technologies stock traded up $1.63 during trading hours on Thursday, reaching $205.25. 214,509 shares of the company’s stock were exchanged, compared to its average volume of 301,047. The business has a fifty day moving average of $199.31 and a two-hundred day moving average of $193.46. The company has a quick ratio of 2.70, a current ratio of 3.77 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $7.92 billion, a P/E ratio of 21.21, a price-to-earnings-growth ratio of 2.03 and a beta of 1.06. Applied Industrial Technologies has a 1 year low of $149.59 and a 1 year high of $223.15.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.12. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the company earned $2.35 EPS. The company’s revenue for the quarter was up .2% on a year-over-year basis. As a group, research analysts predict that Applied Industrial Technologies will post 9.62 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 0.72%. The ex-dividend date of this dividend is Thursday, August 15th. Applied Industrial Technologies’s dividend payout ratio is presently 15.51%.

Insiders Place Their Bets

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the transaction, the chief executive officer now directly owns 205,708 shares in the company, valued at $41,602,385.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the transaction, the vice president now directly owns 19,315 shares in the company, valued at approximately $4,037,221.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the sale, the chief executive officer now owns 205,708 shares in the company, valued at $41,602,385.92. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in AIT. EntryPoint Capital LLC purchased a new position in shares of Applied Industrial Technologies in the 1st quarter worth $25,000. ICA Group Wealth Management LLC purchased a new position in shares of Applied Industrial Technologies in the 4th quarter worth about $26,000. Headlands Technologies LLC acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at about $32,000. Finally, Quarry LP purchased a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth about $39,000. 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.