Applied Industrial Technologies, Inc. (NYSE:AIT) Stock Has Consensus Target Price of $380.00 According to Brokerages

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) have received a consensus recommendation of “Moderate Buy” from the seven brokerages that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $380.00.

A number of equities analysts recently weighed in on AIT shares. KeyCorp decreased their price objective on shares of Applied Industrial Technologies from $420.00 to $360.00 and set an “overweight” rating for the company in a report on Wednesday, October 28th. Bank of America increased their target price on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Oppenheimer reissued an “outperform” rating on shares of Applied Industrial Technologies in a report on Wednesday, October 28th. DA Davidson boosted their price target on Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Finally, Mizuho lowered their price target on Applied Industrial Technologies from $400.00 to $390.00 and set an “outperform” rating on the stock in a report on Thursday, October 15th.

Applied Industrial Technologies Price Performance

AIT opened at $297.58 on Friday. The firm has a market cap of $10.86 billion, a PE ratio of 26.33, a P/E/G ratio of 2.37 and a beta of 0.87. The stock has a 50-day moving average price of $322.25 and a 200-day moving average price of $309.71. Applied Industrial Technologies has a 1 year low of $238.72 and a 1 year high of $374.80. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.89 and a quick ratio of 1.90.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $2.97 EPS for the quarter, beating the consensus estimate of $2.89 by $0.08. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.29 billion. Applied Industrial Technologies had a net margin of 8.38% and a return on equity of 22.68%. Applied Industrial Technologies’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.63 EPS. Sell-side analysts predict that Applied Industrial Technologies will post 12.06 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 13th will be given a $0.51 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.04 dividend on an annualized basis and a yield of 0.7%. Applied Industrial Technologies’s payout ratio is 18.05%.

Insider Transactions at Applied Industrial Technologies

In other news, CFO David K. Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the sale, the chief financial officer directly owned 32,050 shares in the company, valued at $11,380,955. The trade was a 5.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Peter C. Wallace sold 1,904 shares of Applied Industrial Technologies stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following the completion of the sale, the director owned 22,859 shares of the company’s stock, valued at $7,782,346.55. This represents a 7.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Industrial Technologies

A number of large investors have recently added to or reduced their stakes in AIT. Quantinno Capital Management LP boosted its stake in shares of Applied Industrial Technologies by 89.0% in the 1st quarter. Quantinno Capital Management LP now owns 10,182 shares of the industrial products company’s stock worth $2,702,000 after buying an additional 4,794 shares during the last quarter. Hsbc Holdings PLC grew its holdings in shares of Applied Industrial Technologies by 34.1% in the second quarter. Hsbc Holdings PLC now owns 27,891 shares of the industrial products company’s stock worth $9,410,000 after acquiring an additional 7,092 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in Applied Industrial Technologies during the second quarter valued at $8,916,000. Van Hulzen Asset Management LLC bought a new position in Applied Industrial Technologies in the second quarter valued at about $2,341,000. Finally, WINTON GROUP Ltd bought a new position in Applied Industrial Technologies in the second quarter valued at about $5,286,000. Institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial products and provides engineering and related services to manufacturers and other industrial customers. Its offerings include bearings, power-transmission components, fluid-power products, automation equipment and general maintenance, repair and operations supplies.

The company also provides technical support, engineering, systems integration, repair and inventory-management services. These capabilities help customers maintain equipment, improve production processes and manage the supply of industrial components.

Founded in 1923, Applied Industrial Technologies is headquartered in Cleveland, Ohio, and serves customers across North America and in international markets.