Applied Industrial Technologies (NYSE:AIT) Sets New 1-Year High – Here’s Why

Applied Industrial Technologies, Inc. (NYSE:AIT)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $353.72 and last traded at $351.68, with a volume of 24599 shares. The stock had previously closed at $351.90.

Analyst Upgrades and Downgrades

A number of research firms have commented on AIT. Robert W. Baird set a $317.00 target price on Applied Industrial Technologies in a report on Wednesday, April 29th. KeyCorp upped their price target on shares of Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Mizuho increased their price target on shares of Applied Industrial Technologies from $330.00 to $355.00 and gave the company an “outperform” rating in a report on Tuesday, July 21st. DA Davidson started coverage on shares of Applied Industrial Technologies in a research note on Tuesday, June 16th. They issued a “buy” rating and a $380.00 price objective for the company. Finally, Oppenheimer boosted their price objective on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $336.71.

Applied Industrial Technologies Stock Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.95 and a quick ratio of 1.97. The company has a market capitalization of $13.22 billion, a PE ratio of 33.77, a P/E/G ratio of 3.08 and a beta of 0.84. The stock has a 50-day simple moving average of $330.28 and a 200 day simple moving average of $299.71.

Applied Industrial Technologies Dividend Announcement

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

Insider Buying and Selling

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were 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 in the company, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.60% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Several institutional investors and hedge funds have recently modified their holdings of AIT. Corient Private Wealth LLC increased its position in Applied Industrial Technologies by 22,451.0% during the 4th quarter. Corient Private Wealth LLC now owns 585,423 shares of the industrial products company’s stock worth $150,319,000 after purchasing an additional 582,827 shares in the last quarter. Norges Bank purchased a new position in Applied Industrial Technologies in the 4th quarter valued at about $125,044,000. M&T Bank Corp boosted its stake in shares of Applied Industrial Technologies by 33,181.4% during the 4th quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company’s stock worth $81,322,000 after purchasing an additional 299,960 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Applied Industrial Technologies by 4,933.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 264,575 shares of the industrial products company’s stock worth $67,935,000 after buying an additional 259,319 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of 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 buying an additional 249,961 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

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.