Posted by admin on May 12th, 2022

StockNews.com lowered shares of Applied Industrial Technologies (NYSE:AIT – Get Rating) from a strong-buy rating to a buy rating in a report published on Wednesday.

A number of other research analysts have also recently weighed in on AIT. Zacks Investment Research cut shares of Applied Industrial Technologies from a buy rating to a hold rating and set a $107.00 target price on the stock. in a research note on Wednesday, March 30th. Robert W. Baird boosted their price objective on Applied Industrial Technologies from $115.00 to $123.00 in a research report on Friday, January 28th.

NYSE AIT opened at $101.96 on Wednesday. Applied Industrial Technologies has a 52 week low of $80.93 and a 52 week high of $111.68. The company has a quick ratio of 1.87, a current ratio of 2.79 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $3.92 billion, a P/E ratio of 16.77 and a beta of 1.28. The stock’s 50-day moving average price is $101.53 and its 200-day moving average price is $100.76.

Applied Industrial Technologies (NYSE:AIT – Get Rating) last released its earnings results on Thursday, April 28th. The industrial products company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.23. Applied Industrial Technologies had a net margin of 6.52% and a return on equity of 23.58%. The company had revenue of $980.60 million during the quarter, compared to analyst estimates of $922.46 million. During the same period in the prior year, the firm posted $1.37 EPS. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. Research analysts anticipate that Applied Industrial Technologies will post 6.24 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 31st. Investors of record on Monday, May 16th will be given a dividend of $0.34 per share. The ex-dividend date is Friday, May 13th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.33%. Applied Industrial Technologies’s dividend payout ratio is 22.37%.

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 6,921 shares of Applied Industrial Technologies stock in a transaction on Monday, February 28th. The shares were sold at an average price of $101.16, for a total value of $700,128.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter C. Wallace sold 4,931 shares of the company’s stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $105.06, for a total transaction of $518,050.86. Following the sale, the director now owns 24,357 shares in the company, valued at $2,558,946.42. The disclosure for this sale can be found here. Insiders have sold 14,931 shares of company stock valued at $1,530,944 over the last ninety days. 2.40% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC bought a new position in shares of Applied Industrial Technologies during the 4th quarter valued at approximately $30,000. CWM LLC purchased a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at $33,000. Rockefeller Capital Management L.P. raised its stake in shares of Applied Industrial Technologies by 38.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 509 shares of the industrial products company’s stock valued at $52,000 after acquiring an additional 141 shares during the period. Dark Forest Capital Management LP bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter worth about $74,000. Finally, Gladius Capital Management LP purchased a new position in shares of Applied Industrial Technologies during the 4th quarter worth about $89,000. Hedge funds and other institutional investors own 92.88% of the company’s stock.

Applied Industrial Technologies Company Profile (Get Rating)

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. It operates through two segments, Service Center Based Distribution, and Fluid Power & Flow Control. 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, 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, as well as other related supplies for general operational needs of customers' machinery and equipment.

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