Applied Industrial Technologies (NYSE:AIT) Reaches New 12-Month High - Here's What Happened

Key Points

• Applied Industrial Technologies shares reached a new 52-week high, trading as high as $353.72 and closing near $351.68. The stock is up 1.1% and has a market capitalization of approximately $13.15 billion.
• Analyst sentiment is favorable, with seven Buy ratings and one Hold rating. Recent price-target increases include KeyCorp at $375, DA Davidson at $380, and Mizuho at $355, while the consensus target is $336.71.
• The company declared a quarterly dividend of $0.51 per share, equivalent to $2.04 annually and a 0.6% yield. Institutional investors own 93.52% of the stock, while a company director recently sold 3,845 shares.

Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $353.72 and last traded at $351.68, with a volume of 24599 shares trading hands. The stock had previously closed at $351.90.

Analyst Upgrades and Downgrades

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

Applied Industrial Technologies Stock Up 1.1%

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 company has a market cap of $13.15 billion, a PE ratio of 33.60, a P/E/G ratio of 2.98 and a beta of 0.84. The stock has a 50-day moving average of $328.48 and a 200-day moving average of $298.62.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Friday, August 14th. Applied Industrial Technologies's dividend payout ratio is currently 19.26%.

Insiders Place Their Bets

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the sale, the director directly owned 4,951 shares in the company, valued at $1,633,285.39. The trade was a 43.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Industrial Technologies

Several hedge funds have recently added to or reduced their stakes in AIT. Torren Management LLC purchased a new position in shares of Applied Industrial Technologies during the 4th quarter valued at about $25,000. Anchor Investment Management LLC purchased a new stake in Applied Industrial Technologies in the fourth quarter worth approximately $32,000. V Square Quantitative Management LLC purchased a new stake in Applied Industrial Technologies in the fourth quarter worth approximately $34,000. Smartleaf Asset Management LLC grew its position in Applied Industrial Technologies by 78.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company's stock valued at $46,000 after acquiring an additional 78 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $46,000. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Company Profile

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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