Applied Industrial Technologies (NYSE:AIT) Price Target Raised to $260.00 at Oppenheimer

Applied Industrial Technologies (NYSE:AIT) had its price target raised by investment analysts at Oppenheimer from $235.00 to $260.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Oppenheimer’s price objective points to a potential upside of 11.91% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Mizuho started coverage on shares of Applied Industrial Technologies in a research report on Tuesday. They issued an “outperform” rating and a $285.00 price objective on the stock. Raymond James started coverage on shares of Applied Industrial Technologies in a research report on Wednesday, September 4th. They issued an “outperform” rating and a $225.00 price objective on the stock. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday. KeyCorp upped their price objective on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Northcoast Research began coverage on shares of Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating on the stock. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $251.00.

Applied Industrial Technologies Price Performance

Shares of Applied Industrial Technologies stock traded up $0.36 on Friday, reaching $232.33. The stock had a trading volume of 91,821 shares, compared to its average volume of 288,058. Applied Industrial Technologies has a 1 year low of $149.59 and a 1 year high of $240.45. The company has a market cap of $8.97 billion, a P/E ratio of 24.34, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. The company has a current ratio of 3.53, a quick ratio of 2.56 and a debt-to-equity ratio of 0.34. The business’s 50 day moving average is $214.20 and its two-hundred day moving average is $200.90.

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

Insider Buying and Selling

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the sale, the chief executive officer now owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Neil A. Schrimsher sold 3,703 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the sale, the chief executive officer now directly owns 205,708 shares in the company, valued at approximately $41,602,385.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now directly owns 19,315 shares in the company, valued at $4,037,221.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,927 shares of company stock valued at $2,439,116 over the last three months. 2.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AIT. Smith Group Asset Management LLC grew its holdings in shares of Applied Industrial Technologies by 25.1% during the 3rd quarter. Smith Group Asset Management LLC now owns 3,737 shares of the industrial products company’s stock worth $834,000 after acquiring an additional 749 shares during the period. Insight Folios Inc purchased a new stake in shares of Applied Industrial Technologies in the 3rd quarter worth approximately $204,000. State of Alaska Department of Revenue grew its stake in shares of Applied Industrial Technologies by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 4,495 shares of the industrial products company’s stock worth $1,002,000 after buying an additional 300 shares during the last quarter. GHP Investment Advisors Inc. grew its stake in shares of Applied Industrial Technologies by 3.9% in the 3rd quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock worth $255,000 after buying an additional 43 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Applied Industrial Technologies in the 3rd quarter worth approximately $217,000. 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.