Applied Industrial Technologies (NYSE:AIT) Hits New 12-Month High – What’s Next?

Applied Industrial Technologies, Inc. (NYSE:AIT)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $363.34 and last traded at $362.6410, with a volume of 10456 shares. The stock had previously closed at $357.80.

Analyst Ratings Changes

AIT has been the topic of several analyst reports. KeyCorp lifted their target price on shares of Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Wall Street Zen downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Robert W. Baird set a $317.00 price objective on shares of Applied Industrial Technologies in a research report on Wednesday, April 29th. Finally, Oppenheimer boosted their price target on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $336.71.

Applied Industrial Technologies Stock Up 0.6%

The firm’s 50-day moving average is $333.54 and its 200 day moving average is $301.38. The firm has a market capitalization of $13.30 billion, a P/E ratio of 33.96, a PEG ratio of 3.10 and a beta of 0.84. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.97 and a current ratio of 2.95.

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be paid a $0.51 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies’s payout ratio is presently 19.26%.

Insider Buying and Selling at Applied Industrial Technologies

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 shares were 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 $1,633,285.39. This trade represents a 43.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AIT. BlackRock Inc. acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $1,336,805,000. Corient Private Wealth LLC boosted its position in Applied Industrial Technologies by 22,451.0% during the fourth quarter. Corient Private Wealth LLC now owns 585,423 shares of the industrial products company’s stock worth $150,319,000 after purchasing an additional 582,827 shares during the period. Norges Bank acquired a new position in shares of Applied Industrial Technologies in the fourth quarter valued at $125,044,000. M&T Bank Corp increased its holdings in shares of Applied Industrial Technologies by 33,181.4% in the fourth quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company’s stock valued at $81,322,000 after purchasing an additional 299,960 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Applied Industrial Technologies in the second quarter valued at about $93,672,000. 93.52% of the stock is owned by institutional investors and hedge funds.

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.