Applied Industrial Technologies (NYSE:AIT) Reaches New 1-Year High – Here’s Why

by · The Markets Daily

Applied Industrial Technologies, Inc. (NYSE:AIT – Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $276.07 and last traded at $276.07, with a volume of 14972 shares. The stock had previously closed at $275.20.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on AIT shares. KeyCorp raised their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Raymond James lifted their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Oppenheimer lifted their price objective on Applied Industrial Technologies from $235.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Loop Capital boosted their price target on 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, Robert W. Baird boosted their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $261.43.

Get Our Latest Stock Report on Applied Industrial Technologies

Applied Industrial Technologies Stock Down 0.6 %

The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. The stock has a 50-day simple moving average of $224.22 and a 200-day simple moving average of $205.94. The company has a market cap of $10.52 billion, a price-to-earnings ratio of 28.09, a price-to-earnings-growth ratio of 3.69 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT – Get Free Report) last announced its earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, beating the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. 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 prior year, the business posted $2.39 earnings per share. Applied Industrial Technologies’s revenue was up .3% compared to the same quarter last year. As a group, analysts predict that Applied Industrial Technologies, Inc. will post 9.74 EPS 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. Investors of record on Friday, November 15th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend is Friday, November 15th. Applied Industrial Technologies’s payout ratio is 15.10%.

Insider Activity at Applied Industrial Technologies

In related news, 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 transaction of $986,659.80. Following the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Neil A. Schrimsher sold 3,703 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was 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 approximately $41,602,385.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction that occurred 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 directly owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,927 shares of company stock valued at $2,439,116. Company insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

Hedge funds have recently modified their holdings of the stock. GHP Investment Advisors Inc. raised its position in Applied Industrial Technologies by 3.9% in the 3rd quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock valued at $255,000 after purchasing an additional 43 shares during the last quarter. QRG Capital Management Inc. raised its position in Applied Industrial Technologies by 0.9% in the 2nd quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company’s stock valued at $1,254,000 after purchasing an additional 55 shares during the last quarter. Miller Howard Investments Inc. NY raised its position in shares of Applied Industrial Technologies by 2.4% during the second quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock worth $446,000 after acquiring an additional 55 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Applied Industrial Technologies by 0.4% during the second quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock worth $3,374,000 after acquiring an additional 61 shares during the last quarter. Finally, Private Advisor Group LLC raised its position in shares of Applied Industrial Technologies by 2.6% during the first quarter. Private Advisor Group LLC now owns 2,481 shares of the industrial products company’s stock worth $490,000 after acquiring an additional 62 shares during the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Company Profile

(Get Free Report)

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.

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