Applied Industrial Technologies (NYSE:AIT) Hits New 1-Year High - Still a Buy?

Key Points

• Applied Industrial Technologies reached a new 52-week high, trading as high as $352.76. The stock has a “Moderate Buy” consensus rating, with seven analysts rating it Buy and one Hold.
• Recent analyst price targets range from $317 to $380, while the consensus target is $336.71—below the current trading level—suggesting limited upside at the present price.
• The company reported quarterly EPS and revenue slightly above expectations, with revenue up 7.3% year over year, and announced a quarterly dividend of $0.51 per share. Institutional investors own 93.52% of the stock, while two insiders recently sold shares.

Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report)'s share price reached a new 52-week high on Wednesday . The company traded as high as $352.76 and last traded at $348.0040, with a volume of 296036 shares trading hands. The stock had previously closed at $349.31.

Analysts Set New Price Targets

AIT has been the subject of a number of recent analyst reports. DA Davidson began coverage on Applied Industrial Technologies in a report on Tuesday, June 16th. They set a "buy" rating and a $380.00 price target for the company. Weiss Ratings reissued a "buy (b)" rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. Robert W. Baird set a $317.00 target price on Applied Industrial Technologies in a research note on Wednesday, April 29th. KeyCorp upped their price target on Applied Industrial Technologies from $350.00 to $375.00 and gave the company an "overweight" rating in a report on Monday, July 13th. Finally, Mizuho increased their price target on shares of Applied Industrial Technologies from $330.00 to $355.00 and gave the company an "outperform" rating in a research note on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $336.71.

Applied Industrial Technologies Price Performance

The company has a quick ratio of 1.97, a current ratio of 2.95 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $12.86 billion, a price-to-earnings ratio of 32.86, a P/E/G ratio of 3.01 and a beta of 0.83. The company has a fifty day moving average price of $325.58 and a two-hundred day moving average price of $296.63.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.63 by $0.02. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Applied Industrial Technologies had a net margin of 8.34% and a return on equity of 21.64%. Applied Industrial Technologies's revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.57 EPS. On average, equities research analysts expect that Applied Industrial Technologies, Inc. will post 10.71 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 19.26%.

Insiders Place Their Bets

In other news, Director Madhuri A. Andrews sold 3,845 shares of the company's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $329.89, for a total value of $1,268,427.05. Following the completion of the sale, the director directly owned 4,951 shares of the company's stock, valued at approximately $1,633,285.39. This represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Warren E. Hoffner III sold 8,000 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $306.04, for a total transaction of $2,448,320.00. Following the sale, the vice president owned 40,751 shares of the company's stock, valued at $12,471,436.04. This trade represents a 16.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Applied Industrial Technologies

Several institutional investors have recently bought and sold shares of AIT. Torren Management LLC purchased a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $25,000. Anchor Investment Management LLC acquired a new stake in Applied Industrial Technologies in the fourth quarter valued at about $32,000. V Square Quantitative Management LLC purchased a new stake in Applied Industrial Technologies in the 4th quarter valued at approximately $34,000. Allworth Financial LP increased its position in Applied Industrial Technologies by 446.4% during the 3rd quarter. Allworth Financial LP now owns 153 shares of the industrial products company's stock worth $40,000 after purchasing an additional 125 shares during the period. Finally, Smartleaf Asset Management LLC raised its stake in shares of Applied Industrial Technologies by 78.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company's stock worth $46,000 after buying an additional 78 shares in the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

About Applied Industrial Technologies

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.

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