KeyCorp Raises Applied Industrial Technologies (NYSE:AIT) Price Target to $275.00

Applied Industrial Technologies (NYSE:AIT) had its price target lifted by KeyCorp from $245.00 to $275.00 in a report published on Friday, Benzinga reports. KeyCorp currently has an overweight rating on the industrial products company’s stock.

Several other research firms also recently issued reports on AIT. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday. Loop Capital upped their price target on Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, August 16th. Robert W. Baird boosted their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Bank of America began coverage on shares of Applied Industrial Technologies in a research report on Monday, October 7th. They set a “neutral” rating and a $232.00 price target for the company. Finally, Mizuho began coverage on Applied Industrial Technologies in a research report on Tuesday. They set an “outperform” rating and a $285.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $255.71.

Applied Industrial Technologies Stock Performance

Shares of NYSE:AIT opened at $231.32 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. Applied Industrial Technologies has a 1 year low of $149.59 and a 1 year high of $240.45. The stock has a market capitalization of $8.93 billion, a price-to-earnings ratio of 24.25, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. The company’s 50 day simple moving average is $214.79 and its 200 day simple moving average is $201.14.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.11. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.39 earnings per share. As a group, research analysts predict that Applied Industrial Technologies will post 9.69 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s payout ratio is 15.51%.

Insider Activity

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now owns 19,315 shares of the company’s stock, valued at $4,037,221.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the sale, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the transaction, the vice president now owns 19,315 shares in the company, valued at approximately $4,037,221.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,927 shares of company stock valued at $2,439,116. 2.20% of the stock is currently owned by insiders.

Institutional Trading of Applied Industrial Technologies

A number of institutional investors have recently modified their holdings of the company. EntryPoint Capital LLC purchased a new position in Applied Industrial Technologies in the first quarter worth $25,000. Headlands Technologies LLC purchased a new stake in shares of Applied Industrial Technologies in the 2nd quarter valued at $26,000. Opal Wealth Advisors LLC acquired a new stake in Applied Industrial Technologies during the 2nd quarter worth about $32,000. V Square Quantitative Management LLC purchased a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at about $34,000. Finally, Quarry LP acquired a new stake in Applied Industrial Technologies during the second quarter worth about $39,000. 93.52% of the stock is currently owned by institutional investors.

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.