Brokerages Set Applied Industrial Technologies, Inc. (NYSE:AIT) Target Price at $223.00

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) have received a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $229.00.

AIT has been the subject of several research reports. Robert W. Baird raised their price target on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. KeyCorp raised their price objective on Applied Industrial Technologies from $215.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Northcoast Research initiated coverage on shares of Applied Industrial Technologies in a report on Monday, July 1st. They set a “neutral” rating for the company. Finally, Loop Capital raised their target price on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, August 16th.

Insider Buying and Selling

In related news, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction dated 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 owns 19,315 shares in the company, valued at $3,922,876.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Neil A. Schrimsher sold 3,703 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the transaction, the chief executive officer now owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction 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 sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,927 shares of company stock worth $2,439,116. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of hedge funds have recently bought and sold shares of AIT. Quadrature Capital Ltd bought a new position in shares of Applied Industrial Technologies in the first quarter worth approximately $593,000. American International Group Inc. lifted its holdings in shares of Applied Industrial Technologies by 232.6% in the 1st quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock valued at $13,809,000 after acquiring an additional 48,883 shares during the last quarter. Hennessy Advisors Inc. increased its stake in Applied Industrial Technologies by 18.3% during the first quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock worth $36,606,000 after acquiring an additional 28,700 shares during the last quarter. Campbell & CO Investment Adviser LLC boosted its holdings in shares of Applied Industrial Technologies by 116.3% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 7,623 shares of the industrial products company’s stock worth $1,316,000 after purchasing an additional 4,098 shares during the period. Finally, Stifel Financial Corp lifted its position in Applied Industrial Technologies by 24.4% in the fourth quarter. Stifel Financial Corp now owns 34,551 shares of the industrial products company’s stock worth $5,967,000 after buying an additional 6,775 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Trading Up 0.5 %

AIT opened at $223.06 on Monday. Applied Industrial Technologies has a fifty-two week low of $149.59 and a fifty-two week high of $226.31. The company has a market cap of $8.61 billion, a price-to-earnings ratio of 23.38, a price-to-earnings-growth ratio of 2.31 and a beta of 1.03. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. The firm has a 50 day simple moving average of $205.78 and a 200 day simple moving average of $196.80.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.12. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the business earned $2.35 earnings per share. The company’s revenue was up .2% compared to the same quarter last year. On average, sell-side analysts anticipate that Applied Industrial Technologies will post 9.71 earnings per share for the current year.

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.