KeyCorp Raises Applied Industrial Technologies (NYSE:AIT) Price Target to $325.00

Applied Industrial Technologies (NYSE:AIT) had its price target upped by equities researchers at KeyCorp from $275.00 to $325.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price objective points to a potential upside of 17.04% from the company’s current price.

Other research analysts have also issued research reports about the company. StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Oppenheimer boosted their price objective on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Mizuho initiated coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 target price on the stock. Robert W. Baird lifted their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Loop Capital lifted their target price on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, October 28th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Applied Industrial Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $285.71.

Applied Industrial Technologies Price Performance

Shares of AIT opened at $277.68 on Tuesday. Applied Industrial Technologies has a 52 week low of $162.19 and a 52 week high of $282.98. The firm has a market cap of $10.68 billion, a price-to-earnings ratio of 28.33, a PEG ratio of 3.74 and a beta of 1.05. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. The stock has a 50 day moving average of $246.36 and a 200-day moving average of $215.57.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the firm posted $2.39 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, analysts forecast that Applied Industrial Technologies will post 9.76 EPS for the current year.

Insider Activity

In related news, VP Warren E. Hoffner III sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the transaction, the vice president now directly owns 55,709 shares of the company’s stock, valued at approximately $15,689,882.76. The trade was a 6.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary Dean Hall sold 2,200 shares of the company’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total value of $605,176.00. Following the transaction, the director now directly owns 3,462 shares in the company, valued at $952,326.96. The trade was a 38.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.67% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AIT. Tidal Investments LLC raised its position in Applied Industrial Technologies by 7.5% during the first quarter. Tidal Investments LLC now owns 2,114 shares of the industrial products company’s stock valued at $418,000 after buying an additional 147 shares during the period. EverSource Wealth Advisors LLC increased its position in Applied Industrial Technologies by 68.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 305 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 124 shares during the last quarter. CWM LLC increased its position in Applied Industrial Technologies by 2.8% in the 2nd quarter. CWM LLC now owns 3,186 shares of the industrial products company’s stock worth $618,000 after purchasing an additional 87 shares during the last quarter. Linden Thomas Advisory Services LLC increased its position in Applied Industrial Technologies by 8.1% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 3,534 shares of the industrial products company’s stock worth $686,000 after purchasing an additional 265 shares during the last quarter. Finally, Csenge Advisory Group increased its position in Applied Industrial Technologies by 12.9% in the 2nd quarter. Csenge Advisory Group now owns 4,717 shares of the industrial products company’s stock worth $915,000 after purchasing an additional 538 shares during the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

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.