Applied Industrial Technologies, Inc. (NYSE:AIT) Stock Has Average Target Price of $400.00

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) have earned an average rating of “Buy” from the seven brokerages that are covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $398.33.

A number of research analysts have issued reports on AIT shares. DA Davidson lifted their price objective on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Bank of America increased their target price on Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Oppenheimer increased their target price on Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Mizuho reduced their price target on Applied Industrial Technologies from $400.00 to $390.00 and set an “outperform” rating for the company in a report on Thursday, October 15th. Finally, Weiss Ratings upgraded Applied Industrial Technologies from a “buy (b)” rating to a “buy (a-)” rating in a report on Thursday, October 8th.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $333.97 on Tuesday. 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 firm has a market capitalization of $12.27 billion, a P/E ratio of 30.47, a P/E/G ratio of 2.64 and a beta of 0.85. The business has a fifty day simple moving average of $333.81 and a two-hundred day simple moving average of $322.94. Applied Industrial Technologies has a 12 month low of $238.72 and a 12 month high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. Applied Industrial Technologies’s revenue was up 10.5% on a year-over-year basis. During the same period last year, the company posted $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, equities analysts forecast that Applied Industrial Technologies will post 12.00 earnings per share for the current fiscal year.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, CFO David K. Wells sold 1,812 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the completion of the sale, the chief financial officer directly owned 32,050 shares in the company, valued at approximately $11,380,955. This trade represents a 5.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter C. Wallace sold 1,904 shares of Applied Industrial Technologies stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following the completion of the transaction, the director directly owned 22,859 shares of the company’s stock, valued at $7,782,346.55. This trade represents a 7.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AIT. Quantinno Capital Management LP grew its position in Applied Industrial Technologies by 89.0% in the 1st quarter. Quantinno Capital Management LP now owns 10,182 shares of the industrial products company’s stock worth $2,702,000 after purchasing an additional 4,794 shares during the period. Hsbc Holdings PLC raised its stake in Applied Industrial Technologies by 34.1% during the 2nd quarter. Hsbc Holdings PLC now owns 27,891 shares of the industrial products company’s stock valued at $9,410,000 after buying an additional 7,092 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at $8,916,000. Van Hulzen Asset Management LLC bought a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at $2,341,000. Finally, WINTON GROUP Ltd bought a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at $5,286,000. Institutional investors own 93.52% of the company’s stock.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc (NYSE: AIT) is a distributor and value-added service provider of industrial motion, power transmission, fluid power, automation, and control products. Its offerings include bearings, mechanical power-transmission components, motors, gearboxes, hydraulic and pneumatic equipment, industrial hoses, process pumps, safety products, and related maintenance supplies.

The company also provides technical and engineering services designed to help customers improve equipment performance, reliability, and productivity.