Applied Industrial Technologies (NYSE:AIT) Reaches New 12-Month High – Still a Buy?

Applied Industrial Technologies, Inc. (NYSE:AIT)’s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $226.52 and last traded at $226.40, with a volume of 54532 shares trading hands. The stock had previously closed at $220.05.

Analyst Ratings Changes

A number of brokerages recently commented on AIT. Loop Capital lifted their price target on Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, August 16th. Northcoast Research began coverage on shares of Applied Industrial Technologies in a report on Monday, July 1st. They issued a “neutral” rating on the stock. Bank of America began coverage on shares of Applied Industrial Technologies in a report on Monday, October 7th. They set a “neutral” rating and a $232.00 price objective for the company. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $215.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Finally, Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Applied Industrial Technologies has an average rating of “Moderate Buy” and a consensus target price of $229.50.

Applied Industrial Technologies Price Performance

The firm has a market capitalization of $8.73 billion, a PE ratio of 23.71, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. The business’s 50 day moving average is $208.14 and its two-hundred day moving average is $198.77. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.56 and a current ratio of 3.53.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.52 by $0.12. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.19 billion. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.35 EPS. Equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.69 earnings per share for the current fiscal year.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’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 transaction, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the sale, the chief executive officer now owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,927 shares of company stock valued at $2,439,116. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Applied Industrial Technologies

Hedge funds have recently added to or reduced their stakes in the company. Creative Planning raised its stake in shares of Applied Industrial Technologies by 27.2% during the third quarter. Creative Planning now owns 11,239 shares of the industrial products company’s stock worth $2,508,000 after acquiring an additional 2,400 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Applied Industrial Technologies by 19.8% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,084 shares of the industrial products company’s stock valued at $688,000 after purchasing an additional 510 shares during the last quarter. Exchange Traded Concepts LLC purchased a new position in Applied Industrial Technologies in the 3rd quarter worth $2,328,000. UMB Bank n.a. lifted its stake in Applied Industrial Technologies by 68.1% in the third quarter. UMB Bank n.a. now owns 190 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 77 shares during the last quarter. Finally, Mountain Pacific Investment Advisers LLC bought a new position in shares of Applied Industrial Technologies during the third quarter valued at about $7,540,000. 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.