Applied Industrial Technologies (NYSE:AIT) Coverage Initiated at Northcoast Research

Northcoast Research began coverage on shares of Applied Industrial Technologies (NYSE:AIT) in a report published on Monday morning, MarketBeat.com reports. The firm issued a neutral rating on the industrial products company’s stock.

Other equities research analysts also recently issued reports about the company. KeyCorp increased their price target on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an overweight rating in a research report on Thursday, April 11th. Oppenheimer assumed coverage on Applied Industrial Technologies in a report on Tuesday, April 2nd. They set an outperform rating and a $235.00 target price on the stock. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of Moderate Buy and a consensus target price of $201.00.

Applied Industrial Technologies Trading Down 0.3 %

Shares of NYSE:AIT opened at $191.27 on Monday. The company has a quick ratio of 2.70, a current ratio of 3.77 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies has a 52-week low of $138.38 and a 52-week high of $201.76. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of 20.05, a PEG ratio of 2.02 and a beta of 1.06. The business has a 50-day moving average price of $190.85 and a 200-day moving average price of $185.85.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, April 25th. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.08. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. Applied Industrial Technologies’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period last year, the firm posted $2.38 EPS. Equities analysts predict that Applied Industrial Technologies will post 9.62 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 15th will be given a $0.37 dividend. The ex-dividend date is Thursday, August 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.77%. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 15.51%.

Insider Activity

In related news, VP Jason W. Vasquez sold 650 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $196.71, for a total value of $127,861.50. Following the completion of the transaction, the vice president now owns 22,960 shares of the company’s stock, valued at approximately $4,516,461.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Applied Industrial Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC purchased a new position in Applied Industrial Technologies during the first quarter valued at $25,000. ICA Group Wealth Management LLC acquired a new position in shares of Applied Industrial Technologies during the 4th quarter worth about $26,000. ZRC Wealth Management LLC acquired a new position in shares of Applied Industrial Technologies during the 1st quarter worth about $42,000. McGlone Suttner Wealth Management Inc. purchased a new position in Applied Industrial Technologies in the 4th quarter valued at about $54,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Applied Industrial Technologies by 68.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 305 shares of the industrial products company’s stock worth $56,000 after buying an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

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.