The Vanguard Group, Inc. has recently announced that it has increased stake in Applied Industrial Technologies Inc. (NYSE:AIT) by 2.91%. After grabbing 4.76 million shares, the institutional investor is now in possession of 0.13 million shares of the Industrials Company. The new investment brought the stake of investor firm to 12.35% having worth around $600.38 million. Moreover, Victory Capital Management, Inc. increased its share by 0.11 million to have a control over 1.68 million shares. And SSgA Funds Management, Inc. raised its holdings to 10144.0 shares by acquiring 1.38 million shares or 3.59% of the stake.
Applied Industrial Technologies Inc. (AIT) concluded trading on 01/18/23 at a closing price of $123.31, with 0.23 million shares of worth about $27.85 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 31.59% during that period and on Wednesday the price saw a loss of about -1.08%. Currently the company’s common shares owned by public are about 38.53M shares, out of which, 38.01M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 3 analysts are covering the AIT stock and their offered price forecasts bring an average price target of $141.67. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $150.00 and could fall to a lowest price of $137.00. The stock’s current price level is 12.96% above of average price target set by the analysts, while a rise to estimated low would result in gain of 9.99% for the stock. However, touching the estimated high of $150.00 would mean a gain of 17.79% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 81 times over the past 12 months. They bought 257,982 shares in 44 of the transactions. In 37 selling transactions, insiders dumped 197,914 shares.
iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Applied Industrial Technologies Inc. iShares Core S&P Small Cap ETF is currently holding 2.85 million shares of worth totaling $359.04 million. The company recently came selling 6804.0 shares which brought its stake up to 7.39% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 1652.0 shares, after which its hold over company’s outstanding shares expand to 3.02%, leaving 1.17 million shares with the mutual fund that have a worth of about $146.87 million. Vanguard Small Cap Index Fund, after buying 0.99 million shares, have now control over 2.58% of the stake in the company. It holds 1282.0 shares of worth $125.35 million.
Applied Industrial Technologies Inc. (NYSE: AIT) started trading at $124.78, above $0.12 from concluding price of the previous day. However, the stock later moved at a day high price of 127.49, or with a loss of -1.08%. Stock saw a price change of 0.96% in past 5 days and over the past one month there was a price change of -0.81%. Year-to-date (YTD), AIT shares are showing a performance of -2.16% which increased to 21.54% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $88.09 but also hit the highest price of $133.74 during that period. The average intraday trading volume for Applied Industrial Technologies Inc. shares is 180.06K. The stock is currently trading -0.85% below its 20-day simple moving average (SMA20), while that difference is down -2.74% for SMA50 and it goes to 12.66% higher than SMA200.
The Vanguard Group, Inc. acquired 4.76 million shares of Applied Industrial Technologies Inc. having value of about $600.38 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.13 million shares in the company valued at close to $16636861.89, or have control over 2.91% stake in the company. Applied Industrial Technologies Inc. (NYSE: AIT) currently have 38.53M outstanding shares and institutions hold larger chunk of about 94.60% of that. Holding of mutual funds in the company is about 29.69% while other institutional holders and individual stake holders have control over 64.19% and 12.39% of the stake respectively.
The stock has a current market capitalization of $4.70B and its 3Y-monthly beta is at 1.18. PE ratio of stock for trailing 12 months is 17.14, while it has posted earnings per share of $7.19 in the same period. Its PEG reads 1.43 and has Quick Ratio of 2.00 while making debt-to-equity ratio of 0.53. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for AIT, volatility over the week remained 2.19% while standing at 2.27% over the month.
Analysts are in expectations that Applied Industrial Technologies Inc. (AIT) stock would likely to be making an EPS of $1.63 in the current quarter, while forecast for next quarter EPS is $1.73 and it is $7.45 for next year. For the current quarter EPS, analysts have given the company a lowest target $1.52 which is $1.7 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.46 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 78.70% while it is estimated to increase by 6.13% in next year. EPS is likely to shrink at an annualized rate of 12.00% for next 5-years, compared to annual growth of 14.10% made by the stock over the past 5-years.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Robert W. Baird on August 12, 2022 offering a Neutral rating for the stock and assigned a target price range of between $115 and $129 to it. Coverage by Loop Capital stated Applied Industrial Technologies Inc. (AIT) stock as a Buy in their note to investors on August 03, 2021, suggesting a price target of $110 for the stock. Stock get an Outperform rating from Robert W. Baird on December 13, 2019.
