Applied Industrial Technologies (NYSE:AIT) Hits New 52-Week High – Here’s Why

Applied Industrial Technologies, Inc. (NYSE:AIT)’s share price reached a new 52-week high on Friday . The stock traded as high as $277.18 and last traded at $276.72, with a volume of 118704 shares trading hands. The stock had previously closed at $269.23.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Robert W. Baird lifted their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Mizuho initiated coverage on Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective on the stock. Raymond James upped their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Bank of America increased their price objective on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $267.86.

Applied Industrial Technologies Stock Up 2.8 %

The stock has a market capitalization of $10.65 billion, a price-to-earnings ratio of 27.42, a price-to-earnings-growth ratio of 3.65 and a beta of 1.03. The firm has a 50-day moving average of $235.64 and a 200 day moving average of $210.38. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the business posted $2.39 EPS. The firm’s revenue was up .3% compared to the same quarter last year. On average, sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.53%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.10%.

Insider Buying and Selling at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction of $986,659.80. Following the sale, the vice president now owns 19,315 shares in the company, valued at $3,922,876.50. This represents a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. GHP Investment Advisors Inc. grew its position in Applied Industrial Technologies by 3.9% in the 3rd quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock valued at $255,000 after buying an additional 43 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Applied Industrial Technologies by 0.9% in the second quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company’s stock valued at $1,254,000 after acquiring an additional 55 shares in the last quarter. Miller Howard Investments Inc. NY increased its stake in shares of Applied Industrial Technologies by 2.4% during the second quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock valued at $446,000 after acquiring an additional 55 shares during the period. Nisa Investment Advisors LLC raised its holdings in Applied Industrial Technologies by 0.4% during the second quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock worth $3,374,000 after purchasing an additional 61 shares in the last quarter. Finally, Dana Investment Advisors Inc. lifted its position in Applied Industrial Technologies by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock worth $1,928,000 after purchasing an additional 65 shares during the period. 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.