Applied Industrial Technologies, Inc. (NYSE:AIT) Given Average Rating of “Buy” by Analysts

Applied Industrial Technologies, Inc. (NYSE:AIT) has earned a consensus recommendation of “Buy” from the seven ratings firms that are currently covering the stock, Marketbeat reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $400.00.

AIT has been the topic of a number of recent research reports. Robert W. Baird upped their price objective on Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Bank of America lifted their target price on Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Wall Street Zen raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Mizuho boosted their target price on Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Finally, KeyCorp increased their price target on Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” rating in a report on Friday, August 14th.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock opened at $341.38 on Monday. The company’s 50-day moving average price is $340.04 and its 200-day moving average price is $306.52. Applied Industrial Technologies has a twelve month low of $238.34 and a twelve month high of $374.80. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. The company has a market cap of $12.53 billion, a PE ratio of 31.15, a price-to-earnings-growth ratio of 2.74 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.25. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the company earned $2.80 EPS. The business’s revenue was up 10.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, equities research analysts forecast that Applied Industrial Technologies will post 11.95 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be paid a $0.51 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 annualized dividend and a dividend yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio is currently 18.61%.

Insider Activity

In other news, Director Madhuri A. Andrews sold 3,845 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $329.89, for a total value of $1,268,427.05. Following the completion of the sale, the director owned 4,951 shares in the company, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David K. Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total transaction of $643,441.20. Following the transaction, the chief financial officer directly owned 32,050 shares of the company’s stock, valued at approximately $11,380,955. This represents a 5.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. HB Wealth Management LLC grew its stake in shares of Applied Industrial Technologies by 37.0% during the second quarter. HB Wealth Management LLC now owns 2,771 shares of the industrial products company’s stock valued at $937,000 after buying an additional 748 shares during the last quarter. AlphaGrep UK Ltd bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $274,000. Nykredit A S bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $410,000. Van ECK Associates Corp boosted its holdings in Applied Industrial Technologies by 0.6% during the 2nd quarter. Van ECK Associates Corp now owns 33,719 shares of the industrial products company’s stock valued at $11,402,000 after acquiring an additional 206 shares during the period. Finally, Navellier & Associates Inc. boosted its holdings in Applied Industrial Technologies by 20.4% during the 2nd quarter. Navellier & Associates Inc. now owns 2,814 shares of the industrial products company’s stock valued at $952,000 after acquiring an additional 476 shares during the period. Hedge funds and other institutional investors own 93.52% of the company’s stock.

About Applied Industrial Technologies

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.