Applied Industrial Technologies, Inc. (NYSE:AIT) Receives $285.71 Average Price Target from Analysts

Applied Industrial Technologies, Inc. (NYSE:AIT) has been assigned an average rating of “Moderate Buy” from the eight ratings firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $285.71.

A number of equities research analysts have recently weighed in on AIT shares. Oppenheimer boosted their price objective on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. StockNews.com downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $285.00 to $315.00 in a research note on Tuesday, November 26th. Raymond James upped their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Finally, KeyCorp lifted their price objective on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd.

Applied Industrial Technologies Price Performance

Shares of AIT opened at $251.20 on Friday. The company has a 50 day moving average of $257.71 and a two-hundred day moving average of $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. Applied Industrial Technologies has a twelve month low of $176.32 and a twelve month high of $282.98. The company has a market cap of $9.66 billion, a price-to-earnings ratio of 25.63, a price-to-earnings-growth ratio of 3.59 and a beta of 1.08.

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 transaction, the director now owns 3,462 shares in the company, valued at approximately $952,326.96. This trade represents a 38.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Warren E. Hoffner III sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the completion of the transaction, the vice president now directly owns 55,709 shares in the company, 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. 1.67% of the stock is currently owned by insiders.

Institutional Trading of Applied Industrial Technologies

Several hedge funds have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in shares of Applied Industrial Technologies in the third quarter valued at approximately $34,000. First Horizon Advisors Inc. raised its stake in Applied Industrial Technologies by 106.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 88 shares in the last quarter. Quarry LP acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth about $39,000. UMB Bank n.a. lifted its holdings in shares of Applied Industrial Technologies by 68.1% in the 3rd quarter. UMB Bank n.a. now owns 190 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 77 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Applied Industrial Technologies by 42.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 435 shares of the industrial products company’s stock valued at $84,000 after purchasing an additional 130 shares during the period. Hedge funds and other 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.