Applied Industrial Technologies (NYSE:AIT) Coverage Initiated by Analysts at Raymond James

Raymond James assumed coverage on shares of Applied Industrial Technologies (NYSE:AIT) in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $225.00 target price on the industrial products company’s stock.

A number of other research analysts also recently weighed in on the stock. KeyCorp increased their target price on shares of Applied Industrial Technologies from $210.00 to $215.00 and gave the company an overweight rating in a research report on Friday, August 16th. StockNews.com downgraded Applied Industrial Technologies from a buy rating to a hold rating in a research report on Saturday, August 24th. Northcoast Research assumed coverage on Applied Industrial Technologies in a research note on Monday, July 1st. They issued a neutral rating on the stock. Loop Capital increased their price target on Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a buy rating in a research note on Friday, August 16th. Finally, Robert W. Baird boosted their price objective on Applied Industrial Technologies from $205.00 to $210.00 and gave the company an outperform rating in a research note on Thursday, August 29th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Applied Industrial Technologies currently has an average rating of Moderate Buy and a consensus price target of $223.00.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $193.62 on Wednesday. The business’s fifty day simple moving average is $200.57 and its 200 day simple moving average is $194.01. The company has a current ratio of 3.53, a quick ratio of 2.56 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies has a 12 month low of $149.59 and a 12 month high of $223.15. The firm has a market capitalization of $7.47 billion, a P/E ratio of 20.30, a price-to-earnings-growth ratio of 2.13 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.12. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The business’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.35 EPS. As a group, analysts anticipate that Applied Industrial Technologies will post 9.65 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Thursday, August 15th were paid a dividend of $0.37 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.76%. Applied Industrial Technologies’s payout ratio is 15.51%.

Insider Buying and Selling

In other news, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction dated 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 in the company, valued at $4,037,221.30. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the transaction, the vice president now directly owns 19,315 shares in the company, valued at approximately $3,922,876.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,927 shares of company stock valued at $2,439,116. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Truist Financial Corp raised its stake in Applied Industrial Technologies by 120.5% in 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 lifted its holdings in shares of Applied Industrial Technologies by 44.1% during the 4th quarter. Van ECK Associates Corp now owns 11,181 shares of the industrial products company’s stock worth $1,931,000 after acquiring an additional 3,424 shares during the last quarter. First Trust Direct Indexing L.P. grew 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 acquiring an additional 224 shares in the last quarter. Private Advisor Group LLC increased its stake in Applied Industrial Technologies by 15.1% in the fourth quarter. Private Advisor Group LLC now owns 2,419 shares of the industrial products company’s stock valued at $418,000 after acquiring an additional 317 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Applied Industrial Technologies by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 559,037 shares of the industrial products company’s stock valued at $96,540,000 after purchasing an additional 11,092 shares in the last quarter. 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.