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

Applied Industrial Technologies (NYSE:AIT) had its price target lifted by research analysts at Oppenheimer from $235.00 to $260.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Oppenheimer’s target price points to a potential upside of 12.41% from the stock’s previous close.

A number of other research firms also recently weighed in on AIT. Northcoast Research initiated coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating for the company. Mizuho assumed coverage on shares of Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective for the company. Loop Capital boosted their price target on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a research note on Friday, August 16th. Robert W. Baird upped their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Raymond James began coverage on Applied Industrial Technologies in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $225.00 price target on the stock. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $255.71.

Applied Industrial Technologies Trading Down 0.3 %

Shares of Applied Industrial Technologies stock opened at $231.30 on Friday. The company has a 50 day simple moving average of $214.79 and a two-hundred day simple moving average of $201.18. The firm has a market cap of $8.93 billion, a PE ratio of 24.25, a PEG ratio of 3.12 and a beta of 1.03. Applied Industrial Technologies has a 1 year low of $149.59 and a 1 year high of $240.45. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (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 company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the business earned $2.39 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. Analysts expect that Applied Industrial Technologies will post 9.69 earnings per share for the current fiscal year.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total value 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 trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, VP Kurt W. Loring sold 4,858 shares of the company’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 sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies 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 of the company’s stock, valued at approximately $41,602,385.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,927 shares of company stock worth $2,439,116 over the last 90 days. 2.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in AIT. Pinnacle Associates Ltd. grew its stake in shares of Applied Industrial Technologies by 1.8% in the 3rd quarter. Pinnacle Associates Ltd. now owns 9,933 shares of the industrial products company’s stock worth $2,216,000 after buying an additional 175 shares during the last quarter. Smith Group Asset Management LLC raised its stake in Applied Industrial Technologies by 25.1% during the third quarter. Smith Group Asset Management LLC now owns 3,737 shares of the industrial products company’s stock valued at $834,000 after buying an additional 749 shares during the last quarter. Insight Folios Inc bought a new stake in Applied Industrial Technologies in the third quarter worth $204,000. State of Alaska Department of Revenue grew its stake in shares of Applied Industrial Technologies by 7.2% in the third quarter. State of Alaska Department of Revenue now owns 4,495 shares of the industrial products company’s stock worth $1,002,000 after acquiring an additional 300 shares during the last quarter. Finally, GHP Investment Advisors Inc. increased its holdings in shares of Applied Industrial Technologies by 3.9% during the third quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock valued at $255,000 after acquiring an additional 43 shares in the last quarter. Institutional investors 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.