Oppenheimer Boosts Applied Industrial Technologies (NYSE:AIT) Price Target to $260.00

Applied Industrial Technologies (NYSE:AIT) had its price objective lifted by analysts at Oppenheimer from $235.00 to $260.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the industrial products company’s stock. Oppenheimer’s price objective would indicate a potential upside of 12.41% from the company’s previous close.

Several other research analysts have also recently weighed in on AIT. Robert W. Baird boosted their price objective on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Raymond James initiated coverage on shares of Applied Industrial Technologies in a research note on Wednesday, September 4th. They set an “outperform” rating and a $225.00 target price for the company. Northcoast Research assumed coverage on Applied Industrial Technologies in a report on Monday, July 1st. They set a “neutral” rating on the stock. Loop Capital lifted their price objective on Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, August 16th. Finally, StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $255.71.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $231.30 on Friday. The company has a market cap of $8.93 billion, a price-to-earnings ratio of 24.25, a P/E/G ratio of 3.12 and a beta of 1.03. The business’s fifty day simple moving average is $214.79 and its two-hundred day simple moving average is $201.18. Applied Industrial Technologies has a 12 month low of $149.59 and a 12 month high of $240.45. The company has a current ratio of 3.53, a quick ratio of 2.56 and a debt-to-equity ratio of 0.34.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data 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 23.55% and a net margin of 8.61%. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period last year, the firm posted $2.39 earnings per share. Applied Industrial Technologies’s revenue was up .3% compared to the same quarter last year. Research analysts anticipate that Applied Industrial Technologies will post 9.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Industrial Technologies

In other 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Neil A. Schrimsher sold 3,703 shares of the 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 sale, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This 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 this hyperlink. Also, VP Kurt W. Loring sold 3,366 shares of the firm’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 in the company, valued at $4,037,221.30. 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 quarter, insiders sold 11,927 shares of company stock valued at $2,439,116. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of hedge funds have recently made changes to their positions in the business. EntryPoint Capital LLC bought a new stake in Applied Industrial Technologies during the 1st quarter valued at approximately $25,000. Headlands Technologies LLC purchased a new stake in Applied Industrial Technologies during the 2nd quarter valued at approximately $26,000. V Square Quantitative Management LLC purchased a new stake in Applied Industrial Technologies during the 3rd quarter valued at approximately $34,000. Opal Wealth Advisors LLC bought a new stake in shares of Applied Industrial Technologies during the second quarter valued at approximately $32,000. Finally, UMB Bank n.a. lifted its holdings in shares of 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 buying an additional 77 shares in the last quarter. 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.