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

Applied Industrial Technologies, Inc. (NYSE:AIT)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $276.07 and last traded at $276.07, with a volume of 14972 shares changing hands. The stock had previously closed at $275.20.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. KeyCorp boosted their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. StockNews.com raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Mizuho assumed coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective on the stock. Oppenheimer upped 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. Finally, Raymond James increased their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Applied Industrial Technologies has an average rating of “Moderate Buy” and a consensus price target of $261.43.

Applied Industrial Technologies Stock Performance

The stock has a fifty day simple moving average of $224.22 and a two-hundred day simple moving average of $205.94. The stock has a market cap of $10.52 billion, a price-to-earnings ratio of 28.09, a P/E/G ratio of 3.69 and a beta of 1.03. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share 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 company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the business posted $2.39 EPS. Applied Industrial Technologies’s revenue for the quarter was up .3% on a year-over-year basis. Analysts expect that Applied Industrial Technologies, Inc. will post 9.74 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.10%.

Insider Activity at Applied Industrial Technologies

In related 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 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the transaction, the vice president now owns 19,315 shares in the company, valued at approximately $4,037,221.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of the business’s 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 owns 205,708 shares in the company, valued at $41,602,385.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,927 shares of company stock valued at $2,439,116 in the last three months. Corporate insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. EntryPoint Capital LLC purchased a new position in shares of Applied Industrial Technologies in the 1st quarter worth approximately $25,000. Headlands Technologies LLC bought a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth approximately $26,000. Opal Wealth Advisors LLC bought a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth approximately $32,000. V Square Quantitative Management LLC bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter worth approximately $34,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 88 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, 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.