Applied Industrial Technologies (NYSE:AIT) Price Target Raised to $305.00

Applied Industrial Technologies (NYSE:AIT - Free Report) had its price target hoisted by Oppenheimer from $260.00 to $305.00 in a report released on Thursday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the industrial products company's stock.

AIT has been the topic of several other research reports. StockNews.com raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Tuesday, October 22nd. Raymond James lifted their price target 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. KeyCorp lifted their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Bank of America lifted their price target on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a "neutral" rating in a report on Friday, October 25th. Finally, Loop Capital lifted their price target on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a "buy" rating in a report on Monday, October 28th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Applied Industrial Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $267.86.

Applied Industrial Technologies Stock Up 0.0 %

Shares of AIT stock traded up $0.04 during trading hours on Thursday, reaching $271.66. The company had a trading volume of 97,405 shares, compared to its average volume of 286,754. Applied Industrial Technologies has a twelve month low of $155.47 and a twelve month high of $276.97. The stock's fifty day simple moving average is $227.18 and its 200 day simple moving average is $207.04. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. The company has a market capitalization of $10.45 billion, a P/E ratio of 27.90, a price-to-earnings-growth ratio of 3.76 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, topping analysts' consensus estimates of $2.25 by $0.11. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. Applied Industrial Technologies's quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business posted $2.39 EPS. As a group, sell-side analysts expect that Applied Industrial Technologies will post 9.74 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Friday, November 15th. Applied Industrial Technologies's payout ratio is currently 15.10%.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the company's stock in a transaction on Monday, August 19th. The stock was sold at an average price of $202.24, for a total transaction of $748,894.72. Following the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction 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 transaction, the vice president now owns 19,315 shares of the company's stock, valued at $4,037,221.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Neil A. Schrimsher sold 3,703 shares of the firm's stock in a transaction 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,927 shares of company stock valued at $2,439,116 in the last three months. 1.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Applied Industrial Technologies

Institutional investors have recently modified their holdings of the business. Janney Montgomery Scott LLC bought a new stake in shares of Applied Industrial Technologies during the first quarter worth $232,000. SG Americas Securities LLC boosted its position in shares of Applied Industrial Technologies by 12.6% during the first quarter. SG Americas Securities LLC now owns 1,694 shares of the industrial products company's stock worth $335,000 after buying an additional 190 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in shares of Applied Industrial Technologies by 17.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 12,929 shares of the industrial products company's stock worth $2,554,000 after buying an additional 1,910 shares in the last quarter. Blair William & Co. IL acquired a new stake in Applied Industrial Technologies in the 1st quarter valued at approximately $213,000. Finally, Cumberland Partners Ltd acquired a new position in Applied Industrial Technologies during the 1st quarter worth approximately $790,000. 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.