Bank of America Boosts Applied Industrial Technologies (NYSE:AIT) Price Target to $240.00

Applied Industrial Technologies (NYSE:AIT) had its price target lifted by investment analysts at Bank of America from $232.00 to $240.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. Bank of America‘s price target would suggest a potential upside of 3.86% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Mizuho began coverage on shares of Applied Industrial Technologies in a research report on Tuesday. They set an “outperform” rating and a $285.00 target price on the stock. KeyCorp increased their price objective on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday. StockNews.com raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday. Raymond James increased their price target on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Oppenheimer boosted their price objective on Applied Industrial Technologies from $235.00 to $260.00 and gave the company an “outperform” rating in a report on Friday. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $255.71.

Applied Industrial Technologies Trading Down 0.4 %

AIT traded down $0.88 during trading on Friday, reaching $231.09. 117,308 shares of the stock traded hands, compared to its average volume of 288,181. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34. The stock’s 50-day moving average is $214.20 and its 200 day moving average is $200.90. Applied Industrial Technologies has a 12 month low of $149.59 and a 12 month high of $240.45. The stock has a market capitalization of $8.92 billion, a PE ratio of 24.38, a P/E/G ratio of 3.12 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, beating the consensus estimate of $2.25 by $0.11. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.39 EPS. Equities analysts anticipate that Applied Industrial Technologies will post 9.69 earnings per share for the current year.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction on Monday, August 19th. The shares were 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the transaction, the chief executive officer now owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 11,927 shares of company stock valued at $2,439,116. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Industrial Technologies

Institutional investors have recently added to or reduced their stakes in the stock. GHP Investment Advisors Inc. raised its position in Applied Industrial Technologies by 3.9% in the third quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock worth $255,000 after acquiring an additional 43 shares during the period. QRG Capital Management Inc. lifted its stake in shares of Applied Industrial Technologies by 0.9% during the 2nd quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company’s stock valued at $1,254,000 after buying an additional 55 shares in the last quarter. Miller Howard Investments Inc. NY lifted its position in shares of Applied Industrial Technologies by 2.4% during the second quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock worth $446,000 after acquiring an additional 55 shares in the last quarter. Measured Wealth Private Client Group LLC grew its position in shares of Applied Industrial Technologies by 1.2% in the first quarter. Measured Wealth Private Client Group LLC now owns 4,905 shares of the industrial products company’s stock valued at $969,000 after purchasing an additional 59 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Applied Industrial Technologies by 0.4% in the second quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock valued at $3,374,000 after purchasing an additional 61 shares in the last quarter. Institutional investors own 93.52% of the company’s stock.

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.