Applied Industrial Technologies (NYSE:AIT) Price Target Raised to $250.00 at Raymond James

Applied Industrial Technologies (NYSE:AIT) had its target price hoisted by Raymond James from $225.00 to $250.00 in a research report report published on Friday, Benzinga reports. Raymond James currently has an outperform rating on the industrial products company’s stock.

A number of other brokerages have also recently weighed in on AIT. Mizuho initiated coverage on shares of Applied Industrial Technologies in a research report on Tuesday. They issued an “outperform” rating and a $285.00 price target for the company. Loop Capital boosted their price target on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, August 16th. Northcoast Research began coverage on shares of Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating for the company. Robert W. Baird lifted 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 note on Wednesday, October 16th. Finally, StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $255.71.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $231.32 on Friday. The company has a fifty day simple moving average of $214.79 and a two-hundred day simple moving average of $201.14. The company has a market cap of $8.93 billion, a price-to-earnings ratio of 24.25, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies has a 52 week low of $149.59 and a 52 week high of $240.45.

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

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 0.64%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s payout ratio is 15.51%.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Neil A. Schrimsher sold 3,703 shares of the 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 completion of the sale, the chief executive officer now owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,927 shares of company stock valued at $2,439,116. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Applied Industrial Technologies

A number of large investors have recently added to or reduced their stakes in the company. Dundas Partners LLP bought a new position in Applied Industrial Technologies during the 2nd quarter valued at $46,805,000. Nordea Investment Management AB bought a new stake in Applied Industrial Technologies in the 1st quarter valued at about $39,093,000. Retirement Systems of Alabama acquired a new position in Applied Industrial Technologies during the 1st quarter valued at about $19,263,000. International Assets Investment Management LLC acquired a new position in Applied Industrial Technologies during the 3rd quarter valued at about $213,590,000. Finally, F M Investments LLC acquired a new position in Applied Industrial Technologies during the 2nd quarter valued at about $15,690,000. 93.52% of the stock is owned by institutional investors and hedge funds.

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.