Applied Industrial Technologies, Inc. (NYSE:AIT) Receives $336.71 Average Price Target from Brokerages

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) have been assigned a consensus recommendation of “Moderate Buy” from the eight research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $336.7143.

A number of brokerages have recently weighed in on AIT. DA Davidson assumed coverage on Applied Industrial Technologies in a research note on Tuesday, June 16th. They issued a “buy” rating and a $380.00 target price for the company. Robert W. Baird set a $317.00 price objective on shares of Applied Industrial Technologies in a research report on Wednesday, April 29th. Mizuho boosted their target price on shares of Applied Industrial Technologies from $330.00 to $355.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 21st. Oppenheimer increased their price target on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd.

Insider Transactions at Applied Industrial Technologies

In related news, Director Madhuri A. Andrews sold 3,845 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the transaction, the director owned 4,951 shares in the company, valued at $1,633,285.39. This trade represents a 43.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Tema ETFs LLC grew its position in shares of Applied Industrial Technologies by 20.2% during the 2nd quarter. Tema ETFs LLC now owns 53,040 shares of the industrial products company’s stock worth $17,935,000 after buying an additional 8,920 shares during the period. Ausbil Investment Management Ltd raised its stake in shares of Applied Industrial Technologies by 3.3% during the second quarter. Ausbil Investment Management Ltd now owns 12,662 shares of the industrial products company’s stock worth $4,205,000 after buying an additional 400 shares during the last quarter. Hennion & Walsh Asset Management Inc. acquired a new position in Applied Industrial Technologies in the second quarter valued at approximately $254,000. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Applied Industrial Technologies by 21.0% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,089 shares of the industrial products company’s stock valued at $706,000 after buying an additional 362 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in Applied Industrial Technologies by 8.8% in the second quarter. Assenagon Asset Management S.A. now owns 70,075 shares of the industrial products company’s stock valued at $23,696,000 after acquiring an additional 5,696 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Trading Up 0.2%

Shares of AIT opened at $357.64 on Thursday. The stock has a fifty day moving average price of $330.28 and a two-hundred day moving average price of $299.71. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.97 and a current ratio of 2.95. Applied Industrial Technologies has a 52-week low of $238.34 and a 52-week high of $362.93. The company has a market cap of $13.22 billion, a price-to-earnings ratio of 33.77, a PEG ratio of 3.08 and a beta of 0.84.

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 given a dividend of $0.51 per share. The ex-dividend date is Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. Applied Industrial Technologies’s payout ratio is presently 19.26%.

Applied Industrial Technologies Company Profile

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.