Applied Industrial Technologies (NYSE:AIT) Sets New 1-Year High – Here’s What Happened

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $363.34 and last traded at $362.6410, with a volume of 10456 shares traded. The stock had previously closed at $357.80.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wall Street Zen lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Oppenheimer raised their price objective on Applied Industrial Technologies from $300.00 to $350.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. KeyCorp upped their target price on Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Finally, Mizuho increased their target price on Applied Industrial Technologies from $330.00 to $355.00 and gave the stock an “outperform” rating in a report on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $336.71.

Applied Industrial Technologies Price Performance

The stock has a market cap of $13.05 billion, a PE ratio of 33.34, a P/E/G ratio of 3.04 and a beta of 0.84. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.97 and a current ratio of 2.95. The business has a 50 day moving average price of $335.25 and a two-hundred day moving average price of $302.37.

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be given a $0.51 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies’s payout ratio is currently 19.26%.

Insider Transactions at Applied Industrial Technologies

In other news, Director Madhuri A. Andrews sold 3,845 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the sale, the director directly owned 4,951 shares of the company’s stock, valued at $1,633,285.39. This trade represents a 43.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Industrial Technologies

Several institutional investors have recently added to or reduced their stakes in the stock. Torren Management LLC purchased a new position in Applied Industrial Technologies in the fourth quarter valued at about $25,000. Anchor Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies during the 4th quarter worth approximately $32,000. Global Retirement Partners LLC purchased a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $37,000. Kilter Group LLC bought a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth approximately $40,000. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Applied Industrial Technologies by 78.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock worth $46,000 after purchasing an additional 78 shares during the period. Institutional investors own 93.52% of the company’s stock.

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.