Applied Industrial Technologies (NYSE:AIT) Price Target Raised to $210.00

Applied Industrial Technologies (NYSE:AIT) had its price objective lifted by Robert W. Baird from $205.00 to $210.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

Several other equities analysts have also issued reports on AIT. Loop Capital raised their price target on Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a buy rating in a research report on Friday, August 16th. Northcoast Research initiated coverage on shares of Applied Industrial Technologies in a research note 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. Finally, KeyCorp upped their price target on Applied Industrial Technologies from $210.00 to $215.00 and gave the company an overweight rating in a research report on Friday, August 16th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $222.50.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock opened at $205.12 on Thursday. Applied Industrial Technologies has a fifty-two week low of $149.59 and a fifty-two week high of $223.15. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.70 and a current ratio of 3.77. The stock has a market cap of $7.92 billion, a P/E ratio of 21.50, a price-to-earnings-growth ratio of 2.03 and a beta of 1.06. The firm’s fifty day moving average price is $199.95 and its 200-day moving average price is $193.73.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data 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. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The company’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.35 EPS. On average, equities research analysts expect that Applied Industrial Technologies will post 9.62 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Thursday, August 15th were paid a $0.37 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.48 annualized dividend and a yield of 0.72%. Applied Industrial Technologies’s payout ratio is 15.51%.

Insider Activity

In related news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies 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 completion of the transaction, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction 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 sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $4,037,221.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Neil A. Schrimsher sold 3,703 shares of the firm’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 sale, the chief executive officer now directly owns 205,708 shares in the company, valued at approximately $41,602,385.92. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

Institutional investors have recently made changes to their positions in the business. California Public Employees Retirement System raised its position in Applied Industrial Technologies by 11.1% in the fourth quarter. California Public Employees Retirement System now owns 64,203 shares of the industrial products company’s stock worth $11,087,000 after acquiring an additional 6,404 shares during the period. Truist Financial Corp lifted its position in Applied Industrial Technologies by 120.5% during the fourth quarter. Truist Financial Corp now owns 3,673 shares of the industrial products company’s stock valued at $634,000 after purchasing an additional 2,007 shares in the last quarter. Van ECK Associates Corp grew its holdings in Applied Industrial Technologies by 44.1% during the fourth quarter. Van ECK Associates Corp now owns 11,181 shares of the industrial products company’s stock valued at $1,931,000 after purchasing an additional 3,424 shares during the period. First Trust Direct Indexing L.P. increased its position in Applied Industrial Technologies by 14.8% in the fourth quarter. First Trust Direct Indexing L.P. now owns 1,734 shares of the industrial products company’s stock worth $299,000 after buying an additional 224 shares in the last quarter. Finally, Sapient Capital LLC bought a new position in shares of Applied Industrial Technologies in the fourth quarter worth about $294,000. Institutional investors own 93.52% of the company’s stock.

About Applied Industrial Technologies

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.