Applied Industrial Technologies (NYSE:AIT – Free Report) had its target price lowered by Robert W. Baird from $400.00 to $350.00 in a report released on Wednesday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the industrial products company’s stock.
A number of other equities research analysts have also recently weighed in on AIT. Oppenheimer restated an “outperform” rating on shares of Applied Industrial Technologies in a research note on Wednesday. Bank of America lifted their target price on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research note on Friday, August 14th. DA Davidson lifted their target price on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, August 14th. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. Finally, Weiss Ratings lowered shares of Applied Industrial Technologies from a “buy (a-)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Seven analysts have rated the stock with a Buy rating. According to MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Buy” and an average target price of $380.00.
View Our Latest Stock Report on Applied Industrial Technologies
Applied Industrial Technologies Stock Performance
Shares of NYSE:AIT opened at $293.82 on Wednesday. The firm has a 50 day moving average of $327.32 and a 200 day moving average of $309.30. The company has a quick ratio of 1.75, a current ratio of 2.89 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $10.73 billion, a price-to-earnings ratio of 26.00, a price-to-earnings-growth ratio of 2.41 and a beta of 0.85. Applied Industrial Technologies has a 52 week low of $238.72 and a 52 week high of $374.80.
Applied Industrial Technologies (NYSE:AIT – Get Free Report) last announced its earnings results on Tuesday, October 27th. The industrial products company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.08. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.38%. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the firm earned $2.63 EPS. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, sell-side analysts predict that Applied Industrial Technologies will post 12.06 earnings per share for the current fiscal year.
Applied Industrial Technologies Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 13th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.7%. Applied Industrial Technologies’s dividend payout ratio is presently 18.61%.
Insiders Place Their Bets
In other news, CFO David Wells sold 1,812 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total transaction of $643,441.20. Following the completion of the sale, the chief financial officer owned 32,050 shares in the company, valued at approximately $11,380,955. This represents a 5.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter Wallace sold 1,904 shares of the firm’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the sale, the director directly owned 22,859 shares of the company’s stock, valued at $7,782,346.55. The trade was a 7.69% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.60% of the company’s stock.
Institutional Investors Weigh In On Applied Industrial Technologies
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Applied Industrial Technologies during the second quarter valued at $1,336,805,000. Bank of New York Mellon Corp acquired a new stake in Applied Industrial Technologies during the 2nd quarter worth about $93,672,000. First Trust Advisors LP lifted its position in Applied Industrial Technologies by 34.3% during the 1st quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock worth $259,706,000 after acquiring an additional 249,961 shares during the period. Bank of America Corp DE acquired a new stake in Applied Industrial Technologies during the 2nd quarter worth about $70,948,000. Finally, Caisse de depot et placement du Quebec purchased a new stake in Applied Industrial Technologies during the 2nd quarter valued at about $49,539,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.
About Applied Industrial Technologies
Applied Industrial Technologies, Inc (NYSE: AIT) is a distributor and value-added service provider of industrial motion, power transmission, fluid power, automation, and control products. Its offerings include bearings, mechanical power-transmission components, motors, gearboxes, hydraulic and pneumatic equipment, industrial hoses, process pumps, safety products, and related maintenance supplies.
The company also provides technical and engineering services designed to help customers improve equipment performance, reliability, and productivity.
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