Applied Industrial Technologies (NYSE:AIT) Sees Strong Trading Volume – Here’s What Happened

Applied Industrial Technologies, Inc. (NYSE:AIT) shares saw strong trading volume on Tuesday . 375,216 shares were traded during mid-day trading, an increase of 10% from the previous session’s volume of 340,756 shares.The stock last traded at $250.62 and had previously closed at $249.58.

Analyst Ratings Changes

A number of research analysts have commented on the company. KeyCorp upped their price target on Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Raymond James increased their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. StockNews.com downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, December 19th. Loop Capital increased their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Finally, Bank of America upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $285.00 to $315.00 in a report on Tuesday, November 26th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $285.71.

Applied Industrial Technologies Trading Up 0.1 %

The company’s fifty day moving average is $258.90 and its two-hundred day moving average is $226.22. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. The stock has a market cap of $9.56 billion, a price-to-earnings ratio of 25.37, a PEG ratio of 3.71 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.25 by $0.11. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the company earned $2.39 EPS. On average, research analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend was Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.10%.

Insider Buying and Selling

In related news, Director Mary Dean Hall sold 2,200 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total transaction of $605,176.00. Following the transaction, the director now owns 3,462 shares in the company, valued at $952,326.96. This trade represents a 38.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Warren E. Hoffner III sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total value of $1,126,560.00. Following the completion of the sale, the vice president now owns 55,709 shares of the company’s stock, valued at approximately $15,689,882.76. This represents a 6.70 % decrease in their position. The disclosure for this sale can be found here. 1.67% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Industrial Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp increased its position in Applied Industrial Technologies by 2.4% in the 3rd quarter. State Street Corp now owns 1,441,051 shares of the industrial products company’s stock valued at $321,542,000 after acquiring an additional 34,113 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Applied Industrial Technologies by 4.1% during the third quarter. Geode Capital Management LLC now owns 1,040,389 shares of the industrial products company’s stock worth $232,181,000 after purchasing an additional 40,689 shares during the period. Charles Schwab Investment Management Inc. grew its position in Applied Industrial Technologies by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,317 shares of the industrial products company’s stock valued at $127,032,000 after buying an additional 3,887 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in Applied Industrial Technologies in the 3rd quarter valued at $84,139,000. Finally, ArrowMark Colorado Holdings LLC raised its position in Applied Industrial Technologies by 9.3% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 277,335 shares of the industrial products company’s stock worth $61,882,000 after buying an additional 23,710 shares during the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

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.