Applied Industrial Technologies (NYSE:AIT) Hits New 12-Month High at $132.11

Applied Industrial Technologies, Inc. (NYSE:AITGet Rating)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $132.11 and last traded at $131.81, with a volume of 70 shares traded. The stock had previously closed at $130.08.

Analyst Upgrades and Downgrades

A number of research firms have commented on AIT. StockNews.com began coverage on shares of Applied Industrial Technologies in a research report on Wednesday, October 12th. They issued a “buy” rating for the company. Robert W. Baird downgraded shares of Applied Industrial Technologies from an “outperform” rating to a “neutral” rating and boosted their price objective for the company from $115.00 to $129.00 in a research report on Friday, August 12th. Finally, KeyCorp boosted their price objective on shares of Applied Industrial Technologies from $130.00 to $138.00 and gave the company an “overweight” rating in a research report on Friday, October 28th.

Applied Industrial Technologies Stock Performance

The business’s 50-day moving average price is $115.22 and its 200-day moving average price is $106.42. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.00 and a current ratio of 3.08. The stock has a market cap of $5.04 billion, a P/E ratio of 18.15 and a beta of 1.19.

Applied Industrial Technologies (NYSE:AITGet Rating) last released its earnings results on Thursday, October 27th. The industrial products company reported $1.97 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.34. Applied Industrial Technologies had a net margin of 7.07% and a return on equity of 25.06%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $988.51 million. During the same quarter in the previous year, the company earned $1.36 EPS. Applied Industrial Technologies’s revenue for the quarter was up 19.1% on a year-over-year basis. As a group, sell-side analysts expect that Applied Industrial Technologies, Inc. will post 7.52 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Tuesday, November 15th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend is Monday, November 14th. Applied Industrial Technologies’s payout ratio is currently 18.89%.

Institutional Trading of Applied Industrial Technologies

Hedge funds have recently bought and sold shares of the stock. Wipfli Financial Advisors LLC purchased a new stake in Applied Industrial Technologies in the 3rd quarter worth $31,000. Ellevest Inc. raised its position in shares of Applied Industrial Technologies by 30.7% during the 3rd quarter. Ellevest Inc. now owns 370 shares of the industrial products company’s stock valued at $38,000 after buying an additional 87 shares in the last quarter. Pinebridge Investments L.P. raised its position in shares of Applied Industrial Technologies by 452.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 552 shares of the industrial products company’s stock valued at $53,000 after buying an additional 452 shares in the last quarter. Federated Hermes Inc. raised its position in shares of Applied Industrial Technologies by 54.9% during the 3rd quarter. Federated Hermes Inc. now owns 553 shares of the industrial products company’s stock valued at $57,000 after buying an additional 196 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Applied Industrial Technologies by 284.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 735 shares of the industrial products company’s stock valued at $71,000 after buying an additional 544 shares in the last quarter. Hedge funds and other institutional investors own 93.10% of the company’s stock.

Applied Industrial Technologies Company Profile

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Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions 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, 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.

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