Applied Industrial Technologies (NYSE:AIT) Given New $240.00 Price Target at Bank of America

Applied Industrial Technologies (NYSE:AIT) had its price objective increased by Bank of America from $232.00 to $240.00 in a report published on Friday morning, Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

A number of other brokerages also recently issued reports on AIT. Mizuho started coverage on shares of Applied Industrial Technologies in a research report on Tuesday. They set an “outperform” rating and a $285.00 price objective on the stock. KeyCorp boosted their price objective on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday. Robert W. Baird boosted their price objective on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Northcoast Research started coverage on shares of Applied Industrial Technologies in a research report on Monday, July 1st. They set a “neutral” rating on the stock. Finally, StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.71.

Applied Industrial Technologies Price Performance

Shares of Applied Industrial Technologies stock opened at $231.32 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. The business’s 50 day simple moving average is $214.79 and its two-hundred day simple moving average is $201.14. The stock has a market capitalization of $8.93 billion, a P/E ratio of 24.25, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. Applied Industrial Technologies has a one year low of $149.59 and a one year high of $240.45.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, beating analysts’ consensus estimates of $2.25 by $0.11. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.39 earnings per share. Analysts forecast that Applied Industrial Technologies will post 9.69 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.51%.

Insider Activity

In related news, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the transaction, the chief executive officer now owns 205,708 shares in the company, valued at $41,602,385.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $203.10, for a total value of $986,659.80. Following the transaction, the vice president now owns 19,315 shares in the company, valued at $3,922,876.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the transaction, the chief executive officer now owns 205,708 shares in the company, valued at approximately $41,602,385.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,927 shares of company stock worth $2,439,116. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of AIT. Quadrature Capital Ltd bought a new position in Applied Industrial Technologies during the first quarter valued at approximately $593,000. American International Group Inc. lifted its holdings in shares of Applied Industrial Technologies by 232.6% during the 1st quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock valued at $13,809,000 after buying an additional 48,883 shares during the period. State of Michigan Retirement System purchased a new position in shares of Applied Industrial Technologies in the 1st quarter worth $1,877,000. Sanctuary Advisors LLC bought a new stake in shares of Applied Industrial Technologies in the second quarter worth $1,279,000. Finally, Van ECK Associates Corp increased its position in Applied Industrial Technologies by 36.5% during the first quarter. Van ECK Associates Corp now owns 15,263 shares of the industrial products company’s stock valued at $3,015,000 after acquiring an additional 4,082 shares during the last quarter. Institutional investors own 93.52% of the company’s stock.

About Applied Industrial Technologies

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.