Applied Industrial Technologies (NYSE:AIT) Sees Strong Trading Volume – Here’s Why

Applied Industrial Technologies, Inc. (NYSE:AIT) shares saw an uptick in trading volume on Tuesday . 375,216 shares traded hands during mid-day trading, an increase of 10% from the previous session’s volume of 340,756 shares.The stock last traded at $250.62 and had previously closed at $249.58.

Analyst Ratings Changes

A number of brokerages recently weighed in on AIT. StockNews.com lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, December 19th. Raymond James boosted their target price on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Bank of America upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. Mizuho assumed coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price target on the stock. Finally, Oppenheimer lifted their price objective on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Applied Industrial Technologies has an average rating of “Moderate Buy” and a consensus price target of $285.71.

Applied Industrial Technologies Stock Performance

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’s 50 day moving average price is $258.90 and its two-hundred day moving average price is $226.22. The firm has a market capitalization of $9.56 billion, a PE ratio of 25.37, a PEG ratio of 3.71 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The firm had revenue of $1.10 billion during 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 firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business posted $2.39 EPS. On average, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.37 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.48 annualized dividend and a yield of 0.60%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.10%.

Insiders Place Their Bets

In related news, Director Mary Dean Hall sold 2,200 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total transaction of $605,176.00. Following the completion of the transaction, the director now owns 3,462 shares of the company’s stock, valued at approximately $952,326.96. This represents a 38.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Warren E. Hoffner III sold 4,000 shares of Applied Industrial Technologies stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the completion of the transaction, the vice president now owns 55,709 shares in the company, valued at approximately $15,689,882.76. This trade represents a 6.70 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

Several hedge funds and other institutional investors have recently modified their holdings of AIT. GHP Investment Advisors Inc. boosted its position in Applied Industrial Technologies by 3.9% during the 3rd quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock worth $255,000 after purchasing an additional 43 shares during the period. Versant Capital Management Inc grew its stake in shares of Applied Industrial Technologies by 16.8% in the fourth quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company’s stock valued at $91,000 after buying an additional 55 shares in the last quarter. Dana Investment Advisors Inc. raised its holdings in shares of Applied Industrial Technologies by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock valued at $1,928,000 after buying an additional 65 shares during the period. Coldstream Capital Management Inc. lifted its position in Applied Industrial Technologies by 3.7% during the 3rd quarter. Coldstream Capital Management Inc. now owns 1,924 shares of the industrial products company’s stock worth $429,000 after acquiring an additional 68 shares in the last quarter. Finally, Ballentine Partners LLC boosted its holdings in Applied Industrial Technologies by 7.1% in the 3rd quarter. Ballentine Partners LLC now owns 1,111 shares of the industrial products company’s stock worth $248,000 after acquiring an additional 74 shares during the period. 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.