Applied Industrial Technologies (NYSE:AIT) Price Target Raised to $230.00

Applied Industrial Technologies (NYSE:AIT) had its target price upped by Loop Capital from $215.00 to $230.00 in a report released on Friday morning, Benzinga reports. Loop Capital currently has a buy rating on the industrial products company’s stock.

Several other brokerages have also issued reports on AIT. Northcoast Research initiated coverage on shares of Applied Industrial Technologies in a research note on Monday, July 1st. They set a neutral rating for the company. StockNews.com lowered shares of Applied Industrial Technologies from a buy rating to a hold rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $226.67.

Applied Industrial Technologies Trading Up 0.8 %

NYSE:AIT opened at $201.56 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.70 and a current ratio of 3.77. The firm has a market cap of $7.78 billion, a price-to-earnings ratio of 21.13, a price-to-earnings-growth ratio of 2.03 and a beta of 1.06. Applied Industrial Technologies has a 52 week low of $142.66 and a 52 week high of $223.15. The firm has a 50-day moving average price of $196.73 and a two-hundred day moving average price of $192.36.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, beating the consensus estimate of $2.52 by $0.12. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the business posted $2.35 EPS. The company’s revenue for the quarter was up .2% on a year-over-year basis. On average, equities analysts expect that Applied Industrial Technologies will post 9.62 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 0.73%. The ex-dividend date of this dividend is Thursday, August 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.51%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of AIT. EntryPoint Capital LLC bought a new position in Applied Industrial Technologies in the 1st quarter worth approximately $25,000. ICA Group Wealth Management LLC bought a new position in Applied Industrial Technologies in the 4th quarter worth approximately $26,000. Headlands Technologies LLC bought a new position in Applied Industrial Technologies in the 2nd quarter valued at $26,000. Opal Wealth Advisors LLC bought a new position in Applied Industrial Technologies in the 2nd quarter valued at $32,000. Finally, Quarry LP bought a new position in Applied Industrial Technologies in the 2nd quarter valued at $39,000. 93.52% of the stock is owned by institutional investors.

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.