Applied Industrial Technologies (NYSE:AIT) Price Target Raised to $305.00 at Oppenheimer

Applied Industrial Technologies (NYSE:AIT) had its target price raised by Oppenheimer from $260.00 to $305.00 in a report released on Thursday morning,Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

Several other research firms also recently commented on AIT. Robert W. Baird upped their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. KeyCorp upped their price objective on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Raymond James upped their price target on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Finally, Mizuho assumed coverage on shares of 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. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Applied Industrial Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $267.86.

Applied Industrial Technologies Stock Down 1.5 %

Shares of AIT stock traded down $3.97 during trading on Thursday, reaching $266.97. The company’s stock had a trading volume of 68,579 shares, compared to its average volume of 286,257. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.78 and a quick ratio of 2.74. The company has a market capitalization of $10.26 billion, a price-to-earnings ratio of 27.68, a P/E/G ratio of 3.73 and a beta of 1.03. The stock’s 50-day moving average price is $227.18 and its 200 day moving average price is $207.04. Applied Industrial Technologies has a 1-year low of $155.47 and a 1-year high of $276.97.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating analysts’ consensus estimates of $2.25 by $0.11. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.39 earnings per share. On average, research analysts anticipate that Applied Industrial Technologies will post 9.74 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.55%. Applied Industrial Technologies’s dividend payout ratio is currently 15.10%.

Insiders Place Their Bets

In related news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the transaction, the chief executive officer now owns 205,708 shares in the company, valued at approximately $41,602,385.92. This trade represents a 1.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This trade represents a 20.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,927 shares of company stock valued at $2,439,116 in the last ninety days. Insiders own 1.67% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Several large investors have recently bought and sold shares of the company. EntryPoint Capital LLC acquired a new stake in shares of Applied Industrial Technologies during the first quarter worth approximately $25,000. Headlands Technologies LLC acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth approximately $32,000. V Square Quantitative Management LLC acquired a new stake in shares of Applied Industrial Technologies during the third quarter worth approximately $34,000. Finally, First Horizon Advisors Inc. grew its position in shares of Applied Industrial Technologies by 106.0% during the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock worth $38,000 after buying an additional 88 shares in the last quarter. Institutional investors and hedge funds 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.