Applied Industrial Technologies, Inc. (NYSE:AIT) Given Consensus Recommendation of “Buy” by Analysts

Applied Industrial Technologies, Inc. (NYSE:AIT) has been assigned a consensus recommendation of “Buy” from the seven ratings firms that are currently covering the firm, MarketBeat.com reports. Seven analysts have rated the stock with a buy recommendation. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $400.00.

AIT has been the subject of several research analyst reports. Robert W. Baird upped their price target on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Oppenheimer lifted their price objective on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. DA Davidson increased their target price on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 14th. Finally, Wall Street Zen upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday, August 15th.

Insider Buying and Selling

In related news, Director Madhuri A. Andrews sold 3,845 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the completion of the sale, the director directly owned 4,951 shares of the company’s stock, valued at approximately $1,633,285.39. This represents a 43.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David K. Wells sold 1,812 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total value of $643,441.20. Following the sale, the chief financial officer owned 32,050 shares of the company’s stock, valued at $11,380,955. The trade was a 5.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 7,561 shares of company stock valued at $2,560,085. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Several institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its position in Applied Industrial Technologies by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company’s stock valued at $85,897,000 after purchasing an additional 14,926 shares in the last quarter. Empowered Funds LLC purchased a new stake in Applied Industrial Technologies in the 1st quarter worth approximately $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Applied Industrial Technologies by 12.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,348 shares of the industrial products company’s stock worth $22,162,000 after buying an additional 10,863 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of Applied Industrial Technologies by 4.5% during the 1st quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company’s stock valued at $302,000 after buying an additional 58 shares during the period. Finally, M&T Bank Corp acquired a new stake in shares of Applied Industrial Technologies during the 2nd quarter valued at $217,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Price Performance

NYSE AIT opened at $321.09 on Monday. The stock’s 50-day moving average price is $340.60 and its two-hundred day moving average price is $308.29. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. The company has a market cap of $11.78 billion, a PE ratio of 29.30, a PEG ratio of 2.59 and a beta of 0.84. Applied Industrial Technologies has a 1 year low of $238.34 and a 1 year high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, topping the consensus estimate of $2.92 by $0.25. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period last year, the company posted $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, analysts predict that Applied Industrial Technologies will post 11.95 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies’s payout ratio is presently 18.61%.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.