Applied Industrial Technologies (NYSE:AIT) Sets New 52-Week High – What’s Next?

Applied Industrial Technologies, Inc. (NYSE:AIT)’s share price hit a new 52-week high on Thursday . The company traded as high as $239.94 and last traded at $237.00, with a volume of 175172 shares traded. The stock had previously closed at $223.82.

Analysts Set New Price Targets

Several research firms recently issued reports on AIT. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday. Robert W. Baird raised their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Raymond James assumed coverage on Applied Industrial Technologies in a report on Wednesday, September 4th. They set an “outperform” rating and a $225.00 price target for the company. Northcoast Research began coverage on Applied Industrial Technologies in a research note on Monday, July 1st. They issued a “neutral” rating on the stock. Finally, Loop Capital boosted their target price on Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a research note on Friday, August 16th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $243.14.

Applied Industrial Technologies Stock Performance

The company has a fifty day moving average price of $213.57 and a two-hundred day moving average price of $200.68. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. The company has a market capitalization of $9.13 billion, a P/E ratio of 24.85, a PEG ratio of 3.12 and a beta of 1.03.

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

Insiders Place Their Bets

In other news, CEO Neil A. Schrimsher sold 3,703 shares of the stock in a transaction dated 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 sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction 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 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 document filed with the SEC, which is available through the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies 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 directly owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,927 shares of company stock valued at $2,439,116. 2.20% of the stock is currently owned by company insiders.

Institutional Trading of Applied Industrial Technologies

A number of large investors have recently bought and sold shares of the business. Quadrature Capital Ltd bought a new stake in shares of Applied Industrial Technologies during the 1st quarter valued at about $593,000. American International Group Inc. grew its position in shares of Applied Industrial Technologies by 232.6% during the 1st quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock worth $13,809,000 after buying an additional 48,883 shares during the period. Hennessy Advisors Inc. grew its position in shares of Applied Industrial Technologies by 18.3% during the 1st quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock worth $36,606,000 after buying an additional 28,700 shares during the period. State of Michigan Retirement System bought a new stake in shares of Applied Industrial Technologies in the 1st quarter valued at $1,877,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at $1,279,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Company Profile

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.