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

Applied Industrial Technologies (NYSE:AIT) had its price objective boosted by Oppenheimer from $235.00 to $260.00 in a research note issued to investors on Friday, Benzinga reports. Oppenheimer currently has an outperform rating on the industrial products company’s stock.

Other equities analysts have also recently issued reports about the stock. Bank of America initiated coverage on shares of Applied Industrial Technologies in a research report on Monday, October 7th. They set a “neutral” rating and a $232.00 price objective for the company. 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. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday. Mizuho initiated coverage on shares of Applied Industrial Technologies in a report on Tuesday. They set an “outperform” rating and a $285.00 price objective on the stock. Finally, Loop Capital upped their price objective on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, August 16th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $255.71.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $231.32 on Friday. The company has a market cap of $8.93 billion, a PE ratio of 24.25, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. 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 firm has a 50-day moving average of $214.79 and a 200-day moving average of $201.14. 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, topping the consensus estimate 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 business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the previous year, the firm posted $2.39 EPS. Applied Industrial Technologies’s revenue was up .3% compared to the same quarter last year. As a group, equities analysts forecast that Applied Industrial Technologies will post 9.69 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. EntryPoint Capital LLC bought a new position in shares of Applied Industrial Technologies in the first quarter worth approximately $25,000. Headlands Technologies LLC bought a new position in shares of Applied Industrial Technologies in the second quarter worth approximately $26,000. Opal Wealth Advisors LLC bought a new position in shares of Applied Industrial Technologies in the second quarter worth approximately $32,000. V Square Quantitative Management LLC bought a new stake in shares of Applied Industrial Technologies during the 3rd quarter valued at about $34,000. Finally, Quarry LP purchased a new position in shares of Applied Industrial Technologies during the second quarter valued at about $39,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

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.