Applied Industrial Technologies, Inc. (NYSE:AIT) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Applied Industrial Technologies, Inc. (NYSE:AIT) has received a consensus recommendation of "Buy" from seven brokerages, with an average twelve-month price target of $285.00.
• The company recently declared a quarterly dividend of $0.46, reflecting an annualized yield of 0.7%, with a payout ratio of 18.47%.
• Applied Industrial Technologies' board has authorized a share repurchase program allowing the company to buy back 1,500,000 shares, indicating management's belief that the stock is undervalued.

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report) have earned an average recommendation of "Buy" from the seven ratings firms that are currently covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $285.00.

AIT has been the topic of several research analyst reports. Raymond James Financial reiterated an "outperform" rating and set a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Loop Capital decreased their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Finally, Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 26th.

Applied Industrial Technologies Stock Up 1.9%

Applied Industrial Technologies stock opened at $275.76 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57. The business's 50-day simple moving average is $249.66 and its two-hundred day simple moving average is $240.18. The company has a market cap of $10.50 billion, a PE ratio of 27.69, a PEG ratio of 3.30 and a beta of 0.94. Applied Industrial Technologies has a fifty-two week low of $189.18 and a fifty-two week high of $282.98.

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.84 dividend on an annualized basis and a yield of 0.7%. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Applied Industrial Technologies declared that its board has authorized a share repurchase program on Thursday, May 1st that allows the company to repurchase 1,500,000 shares. This repurchase authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of large investors have recently bought and sold shares of the business. Alyeska Investment Group L.P. raised its holdings in Applied Industrial Technologies by 27.9% in the 1st quarter. Alyeska Investment Group L.P. now owns 602,798 shares of the industrial products company's stock worth $135,835,000 after purchasing an additional 131,465 shares during the period. Northern Trust Corp grew its position in shares of Applied Industrial Technologies by 12.5% in the fourth quarter. Northern Trust Corp now owns 510,772 shares of the industrial products company's stock valued at $122,315,000 after purchasing an additional 56,732 shares in the last quarter. Boston Trust Walden Corp grew its position in shares of Applied Industrial Technologies by 2.0% in the second quarter. Boston Trust Walden Corp now owns 508,120 shares of the industrial products company's stock valued at $118,113,000 after purchasing an additional 10,015 shares in the last quarter. Norges Bank purchased a new position in Applied Industrial Technologies in the second quarter worth approximately $107,228,000. Finally, Alliancebernstein L.P. grew its position in Applied Industrial Technologies by 452.6% in the first quarter. Alliancebernstein L.P. now owns 436,565 shares of the industrial products company's stock worth $98,376,000 after acquiring an additional 357,568 shares during the period. Institutional investors and hedge funds 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.

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