Applied Industrial Technologies, Inc. (NYSE:AIT) Receives $291.43 Consensus Target Price from Brokerages

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the eight ratings firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $284.29.

A number of brokerages recently weighed in on AIT. Raymond James restated an "outperform" rating and set a $265.00 price objective (up previously from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. Robert W. Baird raised their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. KeyCorp reduced their price objective on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research note on Monday. StockNews.com cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Finally, Bank of America raised shares of Applied Industrial Technologies from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $285.00 to $315.00 in a research note on Tuesday, November 26th.

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Hedge Funds Weigh In On Applied Industrial Technologies

Several institutional investors have recently made changes to their positions in the stock. Larson Financial Group LLC raised its holdings in shares of Applied Industrial Technologies by 5,900.0% in the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock worth $29,000 after acquiring an additional 118 shares during the last quarter. Kestra Investment Management LLC acquired a new stake in shares of Applied Industrial Technologies in the 4th quarter worth about $30,000. First Horizon Advisors Inc. raised its holdings in shares of Applied Industrial Technologies by 106.0% in 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 during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Applied Industrial Technologies in the 4th quarter worth about $44,000. Finally, Huntington National Bank raised its holdings in shares of Applied Industrial Technologies by 33.8% in the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after acquiring an additional 47 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Price Performance

Shares of Applied Industrial Technologies stock traded down $1.83 during trading on Monday, reaching $228.43. 396,471 shares of the company's stock were exchanged, compared to its average volume of 260,788. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. Applied Industrial Technologies has a 1-year low of $177.68 and a 1-year high of $282.98. The company has a market cap of $8.77 billion, a P/E ratio of 23.14, a PEG ratio of 3.14 and a beta of 1.08. The firm's 50-day moving average price is $249.72 and its 200 day moving average price is $243.62.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. As a group, research analysts anticipate that Applied Industrial Technologies will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were given a dividend of $0.46 per share. The ex-dividend date was Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a yield of 0.81%. This is a boost from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's dividend payout ratio is 18.64%.

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.