Analysts Set Applied Industrial Technologies, Inc. (NYSE:AIT) Price Target at $336.71

Applied Industrial Technologies, Inc. (NYSE:AIT) has earned a consensus rating of “Moderate Buy” from the eight brokerages that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $336.7143.

A number of research firms recently weighed in on AIT. Robert W. Baird set a $317.00 price objective on shares of Applied Industrial Technologies in a research report on Wednesday, April 29th. KeyCorp upped their price objective on shares of Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Weiss Ratings restated a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. DA Davidson started coverage on shares of Applied Industrial Technologies in a report on Tuesday, June 16th. They issued a “buy” rating and a $380.00 target price on the stock. Finally, Oppenheimer boosted 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 note on Wednesday, April 29th.

Applied Industrial Technologies Trading Up 1.8%

NYSE:AIT opened at $351.59 on Thursday. The firm has a market cap of $12.99 billion, a P/E ratio of 33.20, a PEG ratio of 2.98 and a beta of 0.84. 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 stock’s 50 day simple moving average is $328.48 and its 200-day simple moving average is $298.62. Applied Industrial Technologies has a 12-month low of $238.34 and a 12-month high of $352.76.

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies’s payout ratio is currently 19.26%.

Insider Transactions at Applied Industrial Technologies

In other news, Director Madhuri A. Andrews sold 3,845 shares of the stock in a transaction that occurred 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 completion of the transaction, the director directly owned 4,951 shares of the company’s stock, valued at approximately $1,633,285.39. This represents a 43.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. boosted its position in shares of Applied Industrial Technologies by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company’s stock worth $85,897,000 after purchasing an additional 14,926 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Applied Industrial Technologies in the 1st quarter valued at about $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Applied Industrial Technologies by 12.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,348 shares of the industrial products company’s stock valued at $22,162,000 after purchasing an additional 10,863 shares in the last quarter. Focus Partners Wealth lifted its stake in shares of Applied Industrial Technologies by 4.5% in the first quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company’s stock valued at $302,000 after purchasing an additional 58 shares during the period. Finally, M&T Bank Corp acquired a new stake in shares of Applied Industrial Technologies in the second quarter valued at about $217,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Industrial Technologies

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.