Raymond James Reiterates Outperform Rating for Applied Industrial Technologies (NYSE:AIT)

Applied Industrial Technologies (NYSE:AIT)‘s stock had its “outperform” rating reissued by investment analysts at Raymond James in a research note issued on Thursday,Benzinga reports. They presently have a $265.00 target price on the industrial products company’s stock, up from their previous target price of $250.00. Raymond James’ price objective indicates a potential upside of 1.83% from the stock’s previous close.

AIT has been the subject of a number of other research reports. Oppenheimer raised their price objective on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. KeyCorp lifted their price target on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Loop Capital increased their price objective on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. Mizuho started coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price target for the company. Finally, Robert W. Baird lifted their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $291.43.

Applied Industrial Technologies Price Performance

Shares of AIT stock opened at $260.24 on Thursday. The business has a fifty day simple moving average of $257.05 and a 200 day simple moving average of $233.58. The company has a market cap of $10.01 billion, a P/E ratio of 26.37, a P/E/G ratio of 3.49 and a beta of 1.08. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies has a twelve month low of $176.32 and a twelve month high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.67%. On average, sell-side analysts forecast that Applied Industrial Technologies will post 9.77 EPS for the current fiscal year.

Insider Transactions at Applied Industrial Technologies

In other news, Director Mary Dean Hall sold 2,200 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total value of $605,176.00. Following the completion of the sale, the director now directly owns 3,462 shares in the company, valued at $952,326.96. This trade represents a 38.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Warren E. Hoffner III sold 4,000 shares of the business’s stock in a transaction dated 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 directly owns 55,709 shares of the company’s stock, valued at $15,689,882.76. The trade was a 6.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of large investors have recently modified their holdings of the company. Wilkinson Global Asset Management LLC acquired a new position in Applied Industrial Technologies during the fourth quarter worth $1,159,000. New York State Common Retirement Fund increased its position in shares of Applied Industrial Technologies by 10.0% during the fourth quarter. New York State Common Retirement Fund now owns 159,047 shares of the industrial products company’s stock worth $38,087,000 after acquiring an additional 14,426 shares in the last quarter. Kestra Investment Management LLC acquired a new stake in shares of Applied Industrial Technologies in the 4th quarter worth about $30,000. Truist Financial Corp boosted its stake in Applied Industrial Technologies by 4.1% during the 4th quarter. Truist Financial Corp now owns 3,591 shares of the industrial products company’s stock valued at $860,000 after purchasing an additional 142 shares during the last quarter. Finally, CIBC Asset Management Inc increased its holdings in Applied Industrial Technologies by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 1,206 shares of the industrial products company’s stock worth $289,000 after purchasing an additional 64 shares in the last quarter. 93.52% of the stock is currently owned by 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.