Applied Industrial Technologies, Inc. (NYSE:AIT) Receives $236.17 Consensus Target Price from Brokerages

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) have been assigned an average rating of “Moderate Buy” from the eight ratings firms that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $243.14.

Several research firms have recently weighed in on AIT. Bank of America began coverage on Applied Industrial Technologies in a research note on Monday, October 7th. They issued a “neutral” rating and a $232.00 price target for the company. Raymond James assumed coverage on Applied Industrial Technologies in a report on Wednesday, September 4th. They issued an “outperform” rating and a $225.00 price objective for the company. Robert W. Baird lifted their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Mizuho assumed coverage on Applied Industrial Technologies in a report on Tuesday. They issued an “outperform” rating and a $285.00 price objective for the company. Finally, 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.

Applied Industrial Technologies Stock Up 3.5 %

AIT stock opened at $231.75 on Friday. Applied Industrial Technologies has a 1-year low of $149.59 and a 1-year high of $240.45. The business has a fifty day moving average price of $214.20 and a 200-day moving average price of $200.90. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. The stock has a market capitalization of $8.95 billion, a P/E ratio of 24.29, a P/E/G ratio of 3.12 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share for the quarter, topping the consensus estimate of $2.52 by $0.12. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter in the previous year, the business earned $2.35 earnings per share. The company’s revenue was up .2% on a year-over-year basis. Equities analysts forecast 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 Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the sale, the chief executive officer now owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the transaction, the vice president now owns 19,315 shares of the company’s stock, valued at $4,037,221.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Neil A. Schrimsher sold 3,703 shares of the company’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 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 trade represents a 0.00 % decrease in their position. 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

Hedge funds have recently made changes to their positions in the business. Quadrature Capital Ltd bought a new position in shares of Applied Industrial Technologies in the first quarter worth about $593,000. American International Group Inc. boosted its stake in shares of Applied Industrial Technologies by 232.6% in the first quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock worth $13,809,000 after acquiring an additional 48,883 shares during the period. Hennessy Advisors Inc. boosted its stake in shares of Applied Industrial Technologies by 18.3% in the first quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock worth $36,606,000 after acquiring an additional 28,700 shares during the period. State of Michigan Retirement System purchased a new stake in shares of Applied Industrial Technologies in the first quarter worth about $1,877,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Applied Industrial Technologies in the second quarter worth about $1,279,000. 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.