Applied Industrial Technologies (NYSE:AIT) Reaches New 12-Month High – Here’s Why

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on AIT shares. Mizuho began coverage on shares of Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective on the stock. Loop Capital lifted their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Oppenheimer increased their price objective on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Bank of America lifted their target price on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Finally, KeyCorp increased their price target on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Applied Industrial Technologies has an average rating of “Moderate Buy” and a consensus target price of $267.86.

Applied Industrial Technologies Price Performance

The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $10.65 billion, a price-to-earnings ratio of 28.28, a P/E/G ratio of 3.69 and a beta of 1.03. The company’s 50 day moving average is $237.10 and its 200-day moving average is $210.98.

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

Applied Industrial Technologies Dividend Announcement

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

Insider Transactions at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the transaction, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. This trade represents a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.67% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quadrature Capital Ltd bought a new stake in shares of Applied Industrial Technologies in the first quarter valued at about $593,000. Sanctuary Advisors LLC bought a new stake in Applied Industrial Technologies in the 2nd quarter valued at about $1,279,000. Janney Montgomery Scott LLC grew its position in shares of Applied Industrial Technologies by 126.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 4,396 shares of the industrial products company’s stock worth $981,000 after purchasing an additional 2,451 shares in the last quarter. Dana Investment Advisors Inc. increased its holdings in shares of Applied Industrial Technologies by 0.7% during 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. Finally, SG Capital Management LLC acquired a new stake in shares of Applied Industrial Technologies in the first quarter valued at approximately $4,775,000. 93.52% of the stock is owned by institutional investors and hedge funds.

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.