Shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report) have earned a consensus rating of "Buy" from the seven analysts that are presently covering the stock, Marketbeat reports. Seven equities research analysts have rated the stock with a buy rating. The average 12-month price objective among brokerages that have covered the stock in the last year is $285.00.
Several analysts recently issued reports on the company. Raymond James Financial reiterated an "outperform" rating and set a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Loop Capital lowered their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Finally, Wall Street Zen lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Friday, July 18th.
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Applied Industrial Technologies Stock Up 0.6%
AIT traded up $1.57 on Friday, hitting $266.46. The company had a trading volume of 330,769 shares, compared to its average volume of 348,406. The firm has a market capitalization of $10.15 billion, a P/E ratio of 26.75, a P/E/G ratio of 3.23 and a beta of 0.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51. Applied Industrial Technologies has a 52-week low of $188.71 and a 52-week high of $282.98. The stock has a fifty day simple moving average of $237.33 and a 200-day simple moving average of $238.65.
Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, topping the consensus estimate of $2.40 by $0.17. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. The company's revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.48 earnings per share. As a group, equities analysts expect that Applied Industrial Technologies will post 9.9 EPS for the current fiscal year.
Applied Industrial Technologies declared that its Board of Directors has authorized a stock buyback plan 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. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.
Applied Industrial Technologies Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a $0.46 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.84 annualized dividend and a dividend yield of 0.69%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.47%.
Hedge Funds Weigh In On Applied Industrial Technologies
Several institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in Applied Industrial Technologies in the fourth quarter valued at approximately $129,690,000. Alliancebernstein L.P. boosted its stake in Applied Industrial Technologies by 452.6% during the first quarter. Alliancebernstein L.P. now owns 436,565 shares of the industrial products company's stock worth $98,376,000 after buying an additional 357,568 shares during the period. GAMMA Investing LLC boosted its stake in Applied Industrial Technologies by 34,002.9% during the first quarter. GAMMA Investing LLC now owns 318,180 shares of the industrial products company's stock worth $716,990,000 after buying an additional 317,247 shares during the period. Nuveen LLC purchased a new position in Applied Industrial Technologies during the first quarter worth about $67,365,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in Applied Industrial Technologies by 199.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 309,617 shares of the industrial products company's stock worth $74,145,000 after buying an additional 206,220 shares during the period. Hedge funds and other institutional investors own 93.52% of the company's stock.
About Applied Industrial Technologies
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Get Free ReportApplied 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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