Applied Industrial Technologies (NYSE:AIT) PT Raised to $245.00

Applied Industrial Technologies (NYSE:AIT) had its price target upped by KeyCorp from $215.00 to $245.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price objective indicates a potential upside of 11.99% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Raymond James assumed coverage on Applied Industrial Technologies in a research report on Wednesday, September 4th. They set an “outperform” rating and a $225.00 target price on the stock. Robert W. Baird upped their price objective on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Loop Capital raised their price target on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a research note on Friday, August 16th. StockNews.com lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. Finally, Northcoast Research began coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating on the stock. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $229.00.

Applied Industrial Technologies Stock Down 2.4 %

Applied Industrial Technologies stock opened at $218.77 on Monday. Applied Industrial Technologies has a 52 week low of $149.59 and a 52 week high of $224.36. The firm has a market cap of $8.45 billion, a price-to-earnings ratio of 22.93, a price-to-earnings-growth ratio of 2.00 and a beta of 1.03. The business’s 50-day moving average price is $204.17 and its 200 day moving average price is $195.55. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.12. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the previous year, the business posted $2.35 EPS. The business’s revenue was up .2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Applied Industrial Technologies will post 9.86 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Kurt W. Loring sold 4,858 shares of Applied Industrial Technologies stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the completion of the transaction, the vice president now directly owns 19,315 shares in the company, valued at $3,922,876.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the transaction, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at $41,602,385.92. The disclosure for this sale can be found here. Insiders sold a total of 11,927 shares of company stock worth $2,439,116 over the last 90 days. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Applied Industrial Technologies

A number of large investors have recently modified their holdings of AIT. Quadrature Capital Ltd acquired a new position in shares of Applied Industrial Technologies during the first quarter worth $593,000. American International Group Inc. raised its position in shares of Applied Industrial Technologies by 232.6% during the 1st quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock worth $13,809,000 after acquiring an additional 48,883 shares in the last quarter. Hennessy Advisors Inc. lifted its stake in Applied Industrial Technologies by 18.3% during the first quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock worth $36,606,000 after purchasing an additional 28,700 shares during the last quarter. Campbell & CO Investment Adviser LLC boosted its holdings in Applied Industrial Technologies by 116.3% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 7,623 shares of the industrial products company’s stock valued at $1,316,000 after purchasing an additional 4,098 shares in the last quarter. Finally, Stifel Financial Corp increased its stake in Applied Industrial Technologies by 24.4% in the fourth quarter. Stifel Financial Corp now owns 34,551 shares of the industrial products company’s stock valued at $5,967,000 after purchasing an additional 6,775 shares during the last quarter. 93.52% of the stock is owned by hedge funds and other 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.