Applied Industrial Technologies (NYSE:AIT) Price Target Raised to $330.00

Applied Industrial Technologies (NYSE:AIT) had its price objective increased by KeyCorp from $300.00 to $330.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

Several other brokerages have also recently commented on AIT. Mizuho set a $305.00 price objective on shares of Applied Industrial Technologies in a report on Wednesday, October 29th. Wall Street Zen downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $294.38.

Applied Industrial Technologies Stock Down 0.2%

Applied Industrial Technologies stock opened at $282.85 on Thursday. The stock’s 50 day moving average price is $273.98 and its 200 day moving average price is $263.79. Applied Industrial Technologies has a 1-year low of $199.96 and a 1-year high of $296.70. The company has a market cap of $10.55 billion, a PE ratio of 26.91, a price-to-earnings-growth ratio of 2.70 and a beta of 0.84. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.68 and a quick ratio of 2.56.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Tuesday, January 27th. The industrial products company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a return on equity of 21.74% and a net margin of 8.49%.Applied Industrial Technologies’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.39 earnings per share. Applied Industrial Technologies has set its FY 2026 guidance at 10.450-10.750 EPS. On average, sell-side analysts predict that Applied Industrial Technologies will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were given a $0.51 dividend. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.46. This represents a $2.04 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Friday, February 13th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 19.41%.

Insider Buying and Selling

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 19,207 shares of the firm’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $285.85, for a total transaction of $5,490,320.95. Following the completion of the transaction, the chief executive officer owned 130,528 shares of the company’s stock, valued at approximately $37,311,428.80. This trade represents a 12.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Jason W. Vasquez sold 5,447 shares of the business’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $287.87, for a total value of $1,568,027.89. Following the completion of the transaction, the vice president directly owned 14,491 shares of the company’s stock, valued at approximately $4,171,524.17. This trade represents a 27.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 28,654 shares of company stock worth $8,212,829 in the last ninety days. Insiders own 1.60% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AIT. Anchor Investment Management LLC acquired a new stake in shares of Applied Industrial Technologies during the 4th quarter worth about $32,000. BDFS Capital LLC acquired a new position in shares of Applied Industrial Technologies in the fourth quarter valued at approximately $392,000. MidFirst Bank purchased a new position in shares of Applied Industrial Technologies during the fourth quarter valued at approximately $289,000. Compound Planning Inc. boosted its position in Applied Industrial Technologies by 4.7% during the fourth quarter. Compound Planning Inc. now owns 822 shares of the industrial products company’s stock worth $211,000 after acquiring an additional 37 shares during the last quarter. Finally, Corient Private Wealth LLC grew its stake in Applied Industrial Technologies by 22,451.0% in the 4th quarter. Corient Private Wealth LLC now owns 585,423 shares of the industrial products company’s stock worth $150,319,000 after acquiring an additional 582,827 shares during the period. Hedge funds and other 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.