Applied Industrial Technologies, Inc. (NYSE:AIT) Stock Has Average Target Price of $400.00 According to Brokerages

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) have earned a consensus rating of “Buy” from the seven ratings firms that are covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $398.33.

A number of brokerages have recently commented on AIT. DA Davidson raised their price objective on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Oppenheimer lifted their target price on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a report on Friday, August 14th. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Sunday, October 11th. Finally, Bank of America increased their price target on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a report on Friday, August 14th.

Applied Industrial Technologies Stock Performance

AIT opened at $333.92 on Tuesday. The company has a market cap of $12.27 billion, a P/E ratio of 30.47, a price-to-earnings-growth ratio of 2.69 and a beta of 0.85. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. The firm’s 50-day moving average price is $334.90 and its 200-day moving average price is $321.95. Applied Industrial Technologies has a 52-week low of $238.72 and a 52-week high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, topping the consensus estimate of $2.92 by $0.25. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the company earned $2.80 earnings per share. Applied Industrial Technologies’s revenue for the quarter was up 10.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, equities analysts anticipate that Applied Industrial Technologies will post 11.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO David K. Wells sold 1,812 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the sale, the chief financial officer directly owned 32,050 shares of the company’s stock, valued at $11,380,955. This represents a 5.35% decrease in their position. The transaction 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 the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following the sale, the director directly owned 22,859 shares in the company, valued at approximately $7,782,346.55. The trade was 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.

Hedge Funds Weigh In On Applied Industrial Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Applied Industrial Technologies during the second quarter worth approximately $1,336,805,000. First Trust Advisors LP grew its holdings in Applied Industrial Technologies by 34.3% in the first quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock valued at $259,706,000 after purchasing an additional 249,961 shares during the period. Bank of New York Mellon Corp acquired a new stake in Applied Industrial Technologies in the second quarter valued at approximately $93,672,000. Allspring Global Investments Holdings LLC increased its position in shares of Applied Industrial Technologies by 12.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 259,786 shares of the industrial products company’s stock valued at $69,976,000 after buying an additional 28,546 shares in the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Applied Industrial Technologies in the second quarter valued at approximately $70,948,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc is a distributor and value-added service provider of industrial products and engineered solutions. The company supplies products used to maintain, repair and operate manufacturing, processing, infrastructure and other industrial facilities, including bearings, power-transmission components, fluid-power equipment, industrial motion products, automation technologies, safety products and related supplies.

In addition to distributing products from leading manufacturers, Applied Industrial Technologies provides technical support, engineering, fabrication, repair and maintenance services.