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

Applied Industrial Technologies, Inc. (NYSE:AIT)’s share price hit 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 changing hands. The stock had previously closed at $351.90.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Robert W. Baird set a $317.00 target price on shares of Applied Industrial Technologies in a research report on Wednesday, April 29th. Wall Street Zen cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Mizuho lifted their price objective on Applied Industrial Technologies from $330.00 to $355.00 and gave the stock an “outperform” rating in a report on Tuesday, July 21st. DA Davidson initiated coverage on Applied Industrial Technologies in a research note on Tuesday, June 16th. They issued a “buy” rating and a $380.00 target price for the company. Finally, Oppenheimer increased their target price on Applied Industrial Technologies from $300.00 to $350.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $336.71.

Applied Industrial Technologies Trading 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 capitalization of $13.15 billion, a PE ratio of 33.60, a price-to-earnings-growth ratio of 2.98 and a beta of 0.84. The stock’s fifty day moving average price is $328.48 and its two-hundred day moving average price is $298.62.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio is presently 19.26%.

Insiders Place Their Bets

In other news, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the sale, the director directly owned 4,951 shares in the company, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Compound Planning Inc. lifted its holdings in Applied Industrial Technologies by 4.7% in the fourth quarter. Compound Planning Inc. now owns 822 shares of the industrial products company’s stock valued at $211,000 after acquiring an additional 37 shares during the period. US Asset Management LLC boosted its position in Applied Industrial Technologies by 3.3% in the 4th quarter. US Asset Management LLC now owns 1,266 shares of the industrial products company’s stock worth $325,000 after purchasing an additional 41 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Applied Industrial Technologies by 7.4% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 653 shares of the industrial products company’s stock worth $170,000 after purchasing an additional 45 shares during the period. Sanctuary Advisors LLC increased its holdings in shares of Applied Industrial Technologies by 4.5% during the 1st quarter. Sanctuary Advisors LLC now owns 1,160 shares of the industrial products company’s stock valued at $308,000 after purchasing an additional 50 shares in the last quarter. Finally, Focus Partners Wealth increased its holdings in shares of Applied Industrial Technologies by 4.5% during the 1st quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company’s stock valued at $302,000 after purchasing an additional 58 shares in the last quarter. 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.