Applied Industrial Technologies, Inc. (NYSE:AIT) Given Consensus Rating of “Moderate Buy” by Analysts

Applied Industrial Technologies, Inc. (NYSE:AIT) has earned an average rating of “Moderate Buy” from the eight ratings firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $291.43.

A number of brokerages have weighed in on AIT. Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and increased their price target for the stock from $285.00 to $315.00 in a report on Tuesday, November 26th. Raymond James reiterated an “outperform” rating and set a $265.00 price target (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Oppenheimer increased their price target on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. StockNews.com downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Finally, Loop Capital raised their target price on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, October 28th.

Applied Industrial Technologies Stock Down 1.2 %

Shares of NYSE:AIT opened at $265.86 on Thursday. The firm has a market cap of $10.20 billion, a P/E ratio of 26.94, a P/E/G ratio of 3.40 and a beta of 1.08. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. Applied Industrial Technologies has a 12-month low of $177.68 and a 12-month high of $282.98. The business has a fifty day simple moving average of $254.17 and a 200 day simple moving average of $238.68.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. Analysts predict that Applied Industrial Technologies will post 9.87 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be given a dividend of $0.46 per share. The ex-dividend date is Friday, February 14th. This represents a $1.84 annualized dividend and a dividend yield of 0.69%. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 18.64%.

Insiders Place Their Bets

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 4,000 shares of Applied Industrial Technologies stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the transaction, the vice president now owns 55,709 shares of the company’s stock, valued at $15,689,882.76. This trade represents a 6.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Dean Hall sold 2,200 shares of Applied Industrial Technologies stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total transaction of $605,176.00. Following the transaction, the director now directly owns 3,462 shares in the company, valued at approximately $952,326.96. This represents a 38.86 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Applied Industrial Technologies

Hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC raised its holdings in shares of Applied Industrial Technologies by 5,900.0% in the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 118 shares during the period. Kestra Investment Management LLC bought a new stake in shares of Applied Industrial Technologies in the 4th quarter worth approximately $30,000. First Horizon Advisors Inc. raised its holdings in shares of Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 88 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Applied Industrial Technologies in the 4th quarter worth approximately $44,000. Finally, Huntington National Bank raised its holdings in shares of Applied Industrial Technologies by 33.8% in the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 47 shares during the period. 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.