Applied Industrial Technologies, Inc. (AIT) – What Are Brokerages Thinking About This Stock?

by · The Cerbat Gem

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT – Get Free Report) have been assigned a consensus rating of “Buy” from the seven brokerages that are currently covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $398.33.

A number of equities research analysts recently issued reports on AIT shares. Oppenheimer increased their price objective on Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Wall Street Zen upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. KeyCorp upped their target price on Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. DA Davidson upped their target price on Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Finally, Robert W. Baird raised their price target on Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a report on Friday, August 14th.

Read Our Latest Analysis on AIT

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock opened at $330.13 on Tuesday. The firm’s 50 day simple moving average is $334.30 and its 200 day simple moving average is $322.00. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $12.13 billion, a PE ratio of 30.12, a price-to-earnings-growth ratio of 2.64 and a beta of 0.85. Applied Industrial Technologies has a 1-year low of $238.72 and a 1-year high of $374.80.

Applied Industrial Technologies (NYSE:AIT – Get Free Report) last posted its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.25. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, analysts expect that Applied Industrial Technologies will post 12.00 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Peter Wallace sold 1,904 shares of the business’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following the completion of the transaction, the director owned 22,859 shares of the company’s stock, valued at approximately $7,782,346.55. The trade was a 7.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David Wells sold 1,812 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total transaction of $643,441.20. Following the completion of the transaction, the chief financial officer owned 32,050 shares in the company, valued at approximately $11,380,955. This trade represents a 5.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AIT. BlackRock Inc. bought a new position in Applied Industrial Technologies in the second quarter valued at $1,336,805,000. Bank of New York Mellon Corp bought a new stake in Applied Industrial Technologies during the second quarter worth about $93,672,000. First Trust Advisors LP boosted its holdings in shares of Applied Industrial Technologies by 34.3% in the 1st quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock worth $259,706,000 after purchasing an additional 249,961 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Applied Industrial Technologies in the 2nd quarter worth about $70,948,000. Finally, Caisse de depot et placement du Quebec purchased a new position in shares of Applied Industrial Technologies in the 2nd quarter worth about $49,539,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Industrial Technologies

(Get Free Report)

Applied Industrial Technologies, Inc is a distributor and value-added service provider of industrial products and engineered solutions. The company supplies products used to maintain, repair and operate manufacturing, processing, infrastructure and other industrial facilities, including bearings, power-transmission components, fluid-power equipment, industrial motion products, automation technologies, safety products and related supplies.

In addition to distributing products from leading manufacturers, Applied Industrial Technologies provides technical support, engineering, fabrication, repair and maintenance services.

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