Applied Industrial Technologies (NYSE:AIT) Earns Outperform Rating from Raymond James

Applied Industrial Technologies (NYSE:AIT)‘s stock had its “outperform” rating reissued by equities research analysts at Raymond James in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $265.00 price objective on the industrial products company’s stock, up from their prior price objective of $250.00. Raymond James’ price target suggests a potential upside of 2.63% from the company’s current price.

Several other brokerages have also commented on AIT. Mizuho initiated coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price target on the stock. KeyCorp boosted their target price on Applied Industrial Technologies from $275.00 to $325.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Loop Capital raised their price target on Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. StockNews.com downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Finally, Robert W. Baird raised their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $287.86.

Applied Industrial Technologies Stock Up 1.5 %

NYSE AIT opened at $258.22 on Thursday. The business’s fifty day simple moving average is $257.71 and its 200-day simple moving average is $232.80. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. The firm has a market cap of $9.93 billion, a PE ratio of 26.37, a P/E/G ratio of 3.59 and a beta of 1.08. Applied Industrial Technologies has a 52 week low of $176.32 and a 52 week high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. As a group, equities analysts anticipate that Applied Industrial Technologies will post 9.77 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. State Street Corp lifted its position in Applied Industrial Technologies by 2.4% in the third quarter. State Street Corp now owns 1,441,051 shares of the industrial products company’s stock valued at $321,542,000 after acquiring an additional 34,113 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Applied Industrial Technologies by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,040,389 shares of the industrial products company’s stock valued at $232,181,000 after purchasing an additional 40,689 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Applied Industrial Technologies by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,317 shares of the industrial products company’s stock worth $127,032,000 after buying an additional 3,887 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in Applied Industrial Technologies during the third quarter worth approximately $84,139,000. Finally, ArrowMark Colorado Holdings LLC lifted its stake in Applied Industrial Technologies by 9.3% in the third quarter. ArrowMark Colorado Holdings LLC now owns 277,335 shares of the industrial products company’s stock valued at $61,882,000 after buying an additional 23,710 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

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.