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

Applied Industrial Technologies, Inc. (NYSE:AIT)’s stock price hit 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 research analysts have commented on AIT shares. Mizuho upped their price objective on Applied Industrial Technologies from $330.00 to $355.00 and gave the company an “outperform” rating in a report on Tuesday, July 21st. Oppenheimer raised their price target on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Wall Street Zen cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, DA Davidson assumed coverage on Applied Industrial Technologies in a research report on Tuesday, June 16th. They set a “buy” rating and a $380.00 price target on the stock. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $336.71.

Applied Industrial Technologies Price Performance

The company has a current ratio of 2.95, a quick ratio of 1.97 and a debt-to-equity ratio of 0.19. The firm has a market cap of $13.30 billion, a P/E ratio of 33.96, a price-to-earnings-growth ratio of 3.10 and a beta of 0.84. The business has a 50-day moving average of $333.54 and a two-hundred day moving average of $301.38.

Applied Industrial Technologies Dividend Announcement

The business 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 Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the 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 sale, the director owned 4,951 shares in the company, valued at $1,633,285.39. This represents a 43.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Value Holdings Management CO. LLC bought a new position in Applied Industrial Technologies during the second quarter valued at approximately $31,345,000. Vise Technologies Inc. purchased a new position in Applied Industrial Technologies in the 2nd quarter worth $735,000. Edmond DE Rothschild Holding S.A. bought a new stake in Applied Industrial Technologies in the second quarter worth $148,000. Lisanti Capital Growth LLC bought a new position in shares of Applied Industrial Technologies during the second quarter valued at about $1,378,000. Finally, West Family Investments Inc. purchased a new position in shares of Applied Industrial Technologies in the second quarter worth about $484,000. 93.52% of the stock is currently owned by institutional investors.

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.