Applied Industrial Technologies (NYSE:AIT) Sets New 52-Week High - Still a Buy?

Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $239.94 and last traded at $237.00, with a volume of 175172 shares changing hands. The stock had previously closed at $223.82.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on AIT. Loop Capital upped their target price on Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, August 16th. Robert W. Baird upped their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. StockNews.com raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Tuesday. Mizuho started coverage on shares of Applied Industrial Technologies in a research report on Tuesday. They set an "outperform" rating and a $285.00 price target on the stock. Finally, Raymond James assumed coverage on shares of Applied Industrial Technologies in a research report on Wednesday, September 4th. They issued an "outperform" rating and a $225.00 price objective for the company. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $243.14.

Applied Industrial Technologies Trading Up 3.5 %

The business has a fifty day moving average price of $214.20 and a 200-day moving average price of $200.90. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34. The company has a market cap of $8.95 billion, a P/E ratio of 24.29, a PEG ratio of 3.12 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings data on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, beating analysts' consensus estimates of $2.52 by $0.12. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.19 billion. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The company's revenue for the quarter was up .2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.35 EPS. On average, analysts forecast that Applied Industrial Technologies, Inc. will post 9.69 earnings per share for the current year.

Insiders Place Their Bets

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the transaction, the vice president now owns 19,315 shares in the company, valued at $4,037,221.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Kurt W. Loring sold 3,366 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now directly owns 19,315 shares in the company, valued at approximately $4,037,221.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Neil A. Schrimsher sold 3,703 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the sale, the chief executive officer now directly owns 205,708 shares in the company, valued at $41,602,385.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,927 shares of company stock worth $2,439,116 in the last quarter. 2.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. GHP Investment Advisors Inc. grew its stake in 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 worth $255,000 after buying an additional 43 shares in the last quarter. QRG Capital Management Inc. increased its stake in Applied Industrial Technologies by 0.9% in the second quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company's stock valued at $1,254,000 after acquiring an additional 55 shares during the last quarter. Miller Howard Investments Inc. NY raised its position in Applied Industrial Technologies by 2.4% during the second quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company's stock valued at $446,000 after purchasing an additional 55 shares in the last quarter. Measured Wealth Private Client Group LLC lifted its stake in Applied Industrial Technologies by 1.2% during the first quarter. Measured Wealth Private Client Group LLC now owns 4,905 shares of the industrial products company's stock worth $969,000 after purchasing an additional 59 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in Applied Industrial Technologies by 0.4% during the second quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company's stock worth $3,374,000 after purchasing an additional 61 shares during the last quarter. Institutional investors own 93.52% of the company's stock.

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.