Oppenheimer Issues Positive Forecast for Applied Industrial Technologies (NYSE:AIT) Stock Price

Applied Industrial Technologies (NYSE:AIT) had its price target boosted by research analysts at Oppenheimer from $260.00 to $305.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. Oppenheimer’s target price suggests a potential upside of 12.33% from the company’s previous close.

A number of other research analysts have also recently commented on AIT. Bank of America increased their price target on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. StockNews.com raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Mizuho began coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price target for the company. Robert W. Baird lifted their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Loop Capital upped their target price on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $267.86.

Applied Industrial Technologies Stock Performance

AIT opened at $271.51 on Thursday. The business’s fifty day moving average is $225.72 and its 200-day moving average is $206.59. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. Applied Industrial Technologies has a 52-week low of $155.47 and a 52-week high of $276.97. The firm has a market cap of $10.44 billion, a P/E ratio of 27.71, a price-to-earnings-growth ratio of 3.76 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. Applied Industrial Technologies’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.39 EPS. Sell-side analysts expect that Applied Industrial Technologies will post 9.74 EPS for the current fiscal year.

Insider Activity

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the sale, the chief executive officer now owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the sale, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Kurt W. Loring sold 3,366 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the transaction, the vice president now owns 19,315 shares in the company, valued at $4,037,221.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,927 shares of company stock worth $2,439,116. Company insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Applied Industrial Technologies

Several large investors have recently added to or reduced their stakes in the business. EntryPoint Capital LLC bought a new stake in Applied Industrial Technologies during the first quarter worth about $25,000. Headlands Technologies LLC bought a new stake in Applied Industrial Technologies in the 2nd quarter worth approximately $26,000. Opal Wealth Advisors LLC purchased a new stake in Applied Industrial Technologies in the second quarter worth approximately $32,000. V Square Quantitative Management LLC bought a new position in Applied Industrial Technologies during the third quarter valued at approximately $34,000. Finally, First Horizon Advisors Inc. boosted its stake in shares of Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 88 shares in the last quarter. Institutional investors own 93.52% of the company’s stock.

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.