Applied Industrial Technologies (NYSE:AIT) Given New $270.00 Price Target at Loop Capital

Applied Industrial Technologies (NYSE:AIT - Get Free Report) had its price target raised by equities researchers at Loop Capital from $230.00 to $270.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the industrial products company's stock. Loop Capital's price objective indicates a potential upside of 15.72% from the company's current price.

A number of other research analysts have also recently commented on AIT. Northcoast Research started coverage on shares of Applied Industrial Technologies in a report on Monday, July 1st. They issued a "neutral" rating for the company. Oppenheimer increased their target price on shares of Applied Industrial Technologies from $235.00 to $260.00 and gave the stock an "outperform" rating in a report on Friday. KeyCorp increased their target price on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday. StockNews.com raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Finally, Robert W. Baird increased their target price on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, Applied Industrial Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $261.43.

Applied Industrial Technologies Price Performance

AIT traded up $2.02 on Monday, hitting $233.32. 172,453 shares of the stock were exchanged, compared to its average volume of 288,515. Applied Industrial Technologies has a 12 month low of $149.59 and a 12 month high of $240.45. The business has a 50-day moving average of $214.79 and a two-hundred day moving average of $201.24. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. The firm has a market capitalization of $9.01 billion, a price-to-earnings ratio of 24.38, a PEG ratio of 3.12 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share 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 business had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter in the prior year, the business posted $2.39 earnings per share. Applied Industrial Technologies's revenue was up .3% compared to the same quarter last year. Sell-side analysts forecast that Applied Industrial Technologies will post 9.69 EPS for the current fiscal year.

Insider Activity at Applied Industrial Technologies

In related news, CEO Neil A. Schrimsher sold 3,703 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 205,708 shares in the company, valued at $41,602,385.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the stock in a transaction that occurred on 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 owns 205,708 shares of the company's stock, valued at approximately $41,602,385.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 11,927 shares of company stock worth $2,439,116 in the last quarter. 2.20% of the stock is owned by insiders.

Institutional Trading of Applied Industrial Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EntryPoint Capital LLC acquired a new stake in Applied Industrial Technologies during the 1st quarter valued at approximately $25,000. Headlands Technologies LLC acquired a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $26,000. V Square Quantitative Management LLC acquired a new stake in shares of Applied Industrial Technologies during the 3rd quarter worth approximately $34,000. Opal Wealth Advisors LLC acquired a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $32,000. Finally, UMB Bank n.a. grew its position in shares of Applied Industrial Technologies by 68.1% during the 3rd quarter. UMB Bank n.a. now owns 190 shares of the industrial products company's stock worth $42,000 after buying an additional 77 shares during the period. Institutional investors and hedge funds 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.