Applied Industrial Technologies (NYSE:AIT) Reaches New 52-Week High – Should You Buy?

Applied Industrial Technologies, Inc. (NYSE:AIT) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $262.53 and last traded at $258.76, with a volume of 18016 shares. The stock had previously closed at $236.20.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Raymond James increased their price target on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Bank of America lifted their price target on Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Robert W. Baird increased their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Oppenheimer upped their target price on shares of Applied Industrial Technologies from $235.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Finally, Loop Capital raised 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. 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $261.43.

Applied Industrial Technologies Stock Up 13.7 %

The company has a market capitalization of $10.33 billion, a price-to-earnings ratio of 27.24, a P/E/G ratio of 3.18 and a beta of 1.03. The business has a fifty day simple moving average of $219.01 and a two-hundred day simple moving average of $203.52. 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 (NYSE:AIT) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating analysts’ consensus estimates of $2.25 by $0.11. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The business’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.39 earnings per share. Equities analysts expect that Applied Industrial Technologies, Inc. will post 9.74 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.37 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.55%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.10%.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of Applied Industrial Technologies stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the completion of the transaction, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president now owns 19,315 shares of the company’s stock, valued at $4,037,221.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 value of $986,659.80. Following the transaction, the vice president now directly owns 19,315 shares in the company, valued at approximately $3,922,876.50. This represents 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 1.67% of the company’s stock.

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 company. EntryPoint Capital LLC acquired a new position in Applied Industrial Technologies in the first quarter valued at approximately $25,000. Headlands Technologies LLC bought a new position in shares of Applied Industrial Technologies in the 2nd quarter worth $26,000. Opal Wealth Advisors LLC bought a new stake in Applied Industrial Technologies in the second quarter valued at about $32,000. V Square Quantitative Management LLC acquired a new position in Applied Industrial Technologies in the third quarter valued at about $34,000. Finally, Quarry LP bought a new position in Applied Industrial Technologies during the second quarter worth about $39,000. 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.