Applied Industrial Technologies (NYSE:AIT) Hits New 52-Week High at $224.36

Applied Industrial Technologies, Inc. (NYSE:AIT) shares reached a new 52-week high on Thursday . The company traded as high as $224.36 and last traded at $224.12, with a volume of 292882 shares trading hands. The stock had previously closed at $214.87.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. KeyCorp lifted their price target on shares of Applied Industrial Technologies from $210.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, August 16th. Loop Capital lifted their price target on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a report on Friday, August 16th. Finally, Northcoast Research began coverage on shares of Applied Industrial Technologies in a report on Monday, July 1st. They issued a “neutral” rating on the stock. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $223.00.

Applied Industrial Technologies Stock Performance

The business’s fifty day moving average price is $204.17 and its two-hundred day moving average price is $195.38. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.56 and a current ratio of 3.53. The stock has a market capitalization of $8.45 billion, a P/E ratio of 22.93, a P/E/G ratio of 2.00 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, beating the consensus estimate of $2.52 by $0.12. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.19 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The firm’s revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.35 EPS. As a group, sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 9.86 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Thursday, August 15th were issued a dividend of $0.37 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.48 annualized dividend and a yield of 0.68%. Applied Industrial Technologies’s payout ratio is 15.51%.

Insider Activity at Applied Industrial Technologies

In related news, CEO Neil A. Schrimsher sold 3,703 shares of the company’s 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 transaction, the chief executive officer now directly owns 205,708 shares in the company, valued at approximately $41,602,385.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $203.10, for a total value of $986,659.80. Following the completion of the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Neil A. Schrimsher sold 3,703 shares of the business’s 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 sale, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at $41,602,385.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,927 shares of company stock worth $2,439,116. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Applied Industrial Technologies

Large investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors lifted its position in shares of Applied Industrial Technologies by 978.3% in the 4th quarter. Capital Research Global Investors now owns 559,649 shares of the industrial products company’s stock worth $96,646,000 after purchasing an additional 507,750 shares during the period. Norges Bank purchased a new stake in shares of Applied Industrial Technologies in the 4th quarter worth approximately $72,436,000. Dundas Partners LLP purchased a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth approximately $46,805,000. Nordea Investment Management AB purchased a new stake in shares of Applied Industrial Technologies in the 1st quarter worth approximately $39,093,000. Finally, Hennessy Advisors Inc. purchased a new stake in shares of Applied Industrial Technologies in the 4th quarter worth approximately $27,043,000. 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.