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

Applied Industrial Technologies, Inc. (NYSE:AIT) has received an average recommendation of “Buy” from the seven research firms that are presently covering the company, MarketBeat reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have covered the stock in the last year is $400.00.

Several analysts recently issued reports on the stock. Mizuho boosted their target price on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. KeyCorp lifted their price target on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. Bank of America boosted their price objective on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Wall Street Zen upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, Oppenheimer raised their target price on Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a report on Friday, August 14th.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, CFO David K. Wells sold 1,812 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the transaction, the chief financial officer directly owned 32,050 shares in the company, valued at $11,380,955. This represents a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Madhuri A. Andrews sold 3,845 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction 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 trade represents a 43.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Industrial Technologies

A number of institutional investors have recently bought and sold shares of AIT. Norges Bank bought a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $125,044,000. Thrivent Financial for Lutherans increased its stake in Applied Industrial Technologies by 1,628.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company’s stock worth $50,570,000 after acquiring an additional 185,553 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Applied Industrial Technologies by 40.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company’s stock worth $5,539,000 after acquiring an additional 6,254 shares in the last quarter. Mutual of America Capital Management LLC raised its holdings in shares of Applied Industrial Technologies by 38.1% during the 4th quarter. Mutual of America Capital Management LLC now owns 96,438 shares of the industrial products company’s stock worth $24,762,000 after acquiring an additional 26,612 shares in the last quarter. Finally, Moran Wealth Management LLC boosted its position in shares of Applied Industrial Technologies by 86.5% during the 1st quarter. Moran Wealth Management LLC now owns 26,333 shares of the industrial products company’s stock valued at $6,987,000 after acquiring an additional 12,211 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Trading Down 0.1%

Shares of AIT stock opened at $341.38 on Monday. Applied Industrial Technologies has a 12-month low of $238.34 and a 12-month high of $374.80. 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’s 50 day moving average is $340.04 and its 200 day moving average is $306.52. The stock has a market capitalization of $12.53 billion, a P/E ratio of 31.15, a P/E/G ratio of 2.74 and a beta of 0.84.

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

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be issued a $0.51 dividend. 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 dividend payout ratio is currently 18.61%.

About Applied Industrial Technologies

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.