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

Applied Industrial Technologies (NYSE:AIT) had its price objective lifted by Bank of America from $232.00 to $240.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the industrial products company’s stock. Bank of America‘s price target would indicate a potential upside of 3.86% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday. Loop Capital lifted their price objective on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, August 16th. Mizuho initiated coverage on shares of Applied Industrial Technologies in a research report on Tuesday. They issued an “outperform” rating and a $285.00 target price for the company. Northcoast Research initiated coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They set a “neutral” rating on the stock. Finally, Robert W. Baird lifted their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $255.71.

Applied Industrial Technologies Price Performance

NYSE:AIT traded down $0.88 during trading hours on Friday, hitting $231.09. The stock had a trading volume of 117,308 shares, compared to its average volume of 288,181. The firm has a market capitalization of $8.92 billion, a price-to-earnings ratio of 24.38, a P/E/G ratio of 3.12 and a beta of 1.03. Applied Industrial Technologies has a one year low of $149.59 and a one year high of $240.45. The company has a 50 day simple moving average of $214.20 and a two-hundred day simple moving average of $200.90. 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 earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the company earned $2.39 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. Research analysts forecast that Applied Industrial Technologies will post 9.69 earnings per share for the current fiscal year.

Insider Transactions at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the transaction, the vice president now directly owns 19,315 shares in the company, valued at $4,037,221.30. This trade represents 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 the 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 completion of the sale, the chief executive officer now 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the sale, the vice president now directly owns 19,315 shares in the company, valued at approximately $4,037,221.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,927 shares of company stock worth $2,439,116. Company insiders own 2.20% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

A number of institutional investors have recently modified their holdings of the company. Smith Group Asset Management LLC increased its holdings in Applied Industrial Technologies by 25.1% during the 3rd quarter. Smith Group Asset Management LLC now owns 3,737 shares of the industrial products company’s stock valued at $834,000 after purchasing an additional 749 shares during the period. Insight Folios Inc bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter worth approximately $204,000. State of Alaska Department of Revenue increased its stake in shares of Applied Industrial Technologies by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 4,495 shares of the industrial products company’s stock valued at $1,002,000 after buying an additional 300 shares during the period. GHP Investment Advisors Inc. raised its holdings in shares of Applied Industrial Technologies by 3.9% during the third quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock valued at $255,000 after acquiring an additional 43 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Applied Industrial Technologies in the third quarter worth $217,000. 93.52% of the stock is currently owned by hedge funds and other 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.