Applied Industrial Technologies (NYSE:AIT) Earns Outperform Rating from Analysts at Mizuho

Mizuho initiated coverage on shares of Applied Industrial Technologies (NYSE:AIT) in a report issued on Tuesday, Marketbeat.com reports. The firm issued an outperform rating and a $285.00 price objective on the industrial products company’s stock.

AIT has been the topic of several other reports. Bank of America began coverage on shares of Applied Industrial Technologies in a research note on Monday, October 7th. They issued a “neutral” rating and a $232.00 price target on the stock. Robert W. Baird increased their target price on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Northcoast Research assumed coverage on shares of Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating for the company. KeyCorp boosted their price target on 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, Raymond James began coverage on Applied Industrial Technologies in a research note on Wednesday, September 4th. They set an “outperform” rating and a $225.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $255.71.

Applied Industrial Technologies Trading Down 0.3 %

Shares of AIT stock opened at $231.32 on Tuesday. Applied Industrial Technologies has a 12-month low of $149.59 and a 12-month high of $240.45. The firm has a 50 day moving average price of $214.79 and a two-hundred day moving average price of $201.14. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $8.93 billion, a PE ratio of 24.25, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the company posted $2.39 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. As a group, analysts predict that Applied Industrial Technologies will post 9.69 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.64%. Applied Industrial Technologies’s payout ratio is 15.51%.

Insider Buying and Selling

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the transaction, the vice president now owns 19,315 shares in the company, valued at $4,037,221.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $202.24, for a total transaction of $748,894.72. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,927 shares of company stock worth $2,439,116 in the last ninety days. 2.20% of the stock is owned by insiders.

Institutional Trading of Applied Industrial Technologies

A number of hedge funds have recently made changes to their positions in the company. EntryPoint Capital LLC acquired a new position in shares of Applied Industrial Technologies in the first quarter valued at approximately $25,000. Headlands Technologies LLC acquired a new position in Applied Industrial Technologies in the 2nd quarter valued at approximately $26,000. Opal Wealth Advisors LLC bought a new position in shares of Applied Industrial Technologies during the second quarter valued at $32,000. V Square Quantitative Management LLC acquired a new position in shares of Applied Industrial Technologies during the third quarter worth $34,000. Finally, Quarry LP bought a new stake in shares of Applied Industrial Technologies in the second quarter worth $39,000. 93.52% of the stock is owned by institutional investors and hedge funds.

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.