Applied Industrial Technologies (NYSE:AIT) Reaches New 12-Month High – What’s Next?

Applied Industrial Technologies, Inc. (NYSE:AIT)’s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $277.18 and last traded at $276.72, with a volume of 118704 shares. The stock had previously closed at $269.23.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on AIT shares. 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 report on Wednesday, October 16th. Loop Capital increased their target price on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Bank of America lifted their price target on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Oppenheimer increased their price objective on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Finally, KeyCorp lifted their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $267.86.

Applied Industrial Technologies Stock Performance

The firm’s 50 day simple moving average is $235.64 and its 200-day simple moving average is $210.38. The company has a market capitalization of $10.65 billion, a price-to-earnings ratio of 27.42, a P/E/G ratio of 3.65 and a beta of 1.03. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the firm earned $2.39 earnings per share. Applied Industrial Technologies’s quarterly revenue was up .3% on a year-over-year basis. Analysts expect that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s payout ratio is presently 15.10%.

Insider Buying and Selling at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the completion of the sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. The trade was a 20.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.67% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. GHP Investment Advisors Inc. raised its holdings in shares of Applied Industrial Technologies by 3.9% during the 3rd quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock valued at $255,000 after purchasing an additional 43 shares in the last quarter. QRG Capital Management Inc. increased its position in Applied Industrial Technologies by 0.9% during the second quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company’s stock worth $1,254,000 after buying an additional 55 shares during the last quarter. Miller Howard Investments Inc. NY raised its holdings in Applied Industrial Technologies by 2.4% during the second quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock valued at $446,000 after buying an additional 55 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Applied Industrial Technologies by 0.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock worth $3,374,000 after acquiring an additional 61 shares in the last quarter. Finally, Dana Investment Advisors Inc. increased its holdings in shares of Applied Industrial Technologies by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock valued at $1,928,000 after acquiring an additional 65 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

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.