Applied Industrial Technologies (NYSE:AIT) Price Target Raised to $250.00 at Robert W. Baird

Applied Industrial Technologies (NYSE:AIT) had its price target increased by Robert W. Baird from $210.00 to $250.00 in a research note released on Wednesday, Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

A number of other equities analysts have also weighed in on the company. Raymond James initiated coverage on Applied Industrial Technologies in a research report on Wednesday, September 4th. They issued an “outperform” rating and a $225.00 target price for the company. StockNews.com lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. KeyCorp boosted their target price on Applied Industrial Technologies from $215.00 to $245.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Northcoast Research started coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating for the company. Finally, Bank of America started coverage on shares of Applied Industrial Technologies in a research report on Monday, October 7th. They set a “neutral” rating and a $232.00 price target for the company. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $236.17.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $231.89 on Wednesday. The stock has a market cap of $8.95 billion, a price-to-earnings ratio of 24.31, a PEG ratio of 3.12 and a beta of 1.03. The firm’s 50-day moving average is $211.77 and its 200 day moving average is $199.97. Applied Industrial Technologies has a 1 year low of $149.59 and a 1 year high of $235.75. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.12. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. Applied Industrial Technologies’s revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.35 EPS. Sell-side analysts anticipate that Applied Industrial Technologies will post 9.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, 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 value of $986,659.80. Following the completion of the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 205,708 shares in the company, valued at $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 is available through the SEC website. Also, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the completion of the transaction, the vice president now owns 19,315 shares of the company’s stock, valued at $3,922,876.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,927 shares of company stock valued at $2,439,116. 2.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AIT. Dundas Partners LLP bought a new position in Applied Industrial Technologies in the 2nd quarter worth approximately $46,805,000. Nordea Investment Management AB bought a new position in Applied Industrial Technologies in the 1st quarter worth approximately $39,093,000. Retirement Systems of Alabama bought a new position in shares of Applied Industrial Technologies during the 1st quarter valued at approximately $19,263,000. F M Investments LLC bought a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at approximately $15,690,000. Finally, TimesSquare Capital Management LLC boosted its position in shares of Applied Industrial Technologies by 91.5% during the 1st quarter. TimesSquare Capital Management LLC now owns 114,977 shares of the industrial products company’s stock valued at $22,714,000 after acquiring an additional 54,927 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors.

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.