Applied Industrial Technologies, Inc. (NYSE:AIT) Sees Large Increase in Short Interest

Applied Industrial Technologies, Inc. (NYSE:AIT) was the recipient of a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 807,700 shares, a growth of 55.7% from the March 31st total of 518,900 shares. Based on an average daily volume of 374,100 shares, the days-to-cover ratio is currently 2.2 days. Approximately 2.1% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. KeyCorp raised their price target on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Oppenheimer assumed coverage on shares of Applied Industrial Technologies in a research report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price target for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $201.00.

Insider Activity at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 2,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total value of $364,680.00. Following the completion of the transaction, the vice president now directly owns 57,155 shares of the company’s stock, valued at approximately $10,421,642.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Industrial Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. ICA Group Wealth Management LLC acquired a new stake in shares of Applied Industrial Technologies during the 4th quarter worth approximately $26,000. Huntington National Bank grew its stake in shares of Applied Industrial Technologies by 963.2% during the 3rd quarter. Huntington National Bank now owns 202 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 183 shares during the period. ZRC Wealth Management LLC acquired a new stake in shares of Applied Industrial Technologies during the 1st quarter worth approximately $42,000. NBC Securities Inc. acquired a new stake in Applied Industrial Technologies in the 3rd quarter valued at $40,000. Finally, McGlone Suttner Wealth Management Inc. acquired a new stake in Applied Industrial Technologies in the 4th quarter valued at $54,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Performance

AIT traded up $1.95 during trading on Friday, reaching $180.89. 448,122 shares of the company’s stock were exchanged, compared to its average volume of 245,005. Applied Industrial Technologies has a 1 year low of $122.24 and a 1 year high of $201.76. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.59. The stock has a market capitalization of $7.00 billion, a P/E ratio of 18.96, a price-to-earnings-growth ratio of 1.87 and a beta of 1.08. The company’s fifty day simple moving average is $189.87 and its 200-day simple moving average is $175.46.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.08. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The business’s revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the company earned $2.38 EPS. As a group, research analysts predict that Applied Industrial Technologies will post 9.55 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.82%. Applied Industrial Technologies’s payout ratio is 15.51%.

Applied Industrial Technologies Company Profile

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.