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

Applied Industrial Technologies (NYSE:AIT) had its price objective boosted by equities researchers at KeyCorp from $245.00 to $275.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s target price suggests a potential upside of 18.89% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Northcoast Research began coverage on Applied Industrial Technologies in a report on Monday, July 1st. They set a “neutral” rating on the stock. Robert W. Baird upped 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 note on Wednesday, October 16th. Raymond James started coverage on shares of Applied Industrial Technologies in a research report on Wednesday, September 4th. They set an “outperform” rating and a $225.00 price objective for the company. Mizuho started coverage on shares of Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 target price on the stock. Finally, Bank of America assumed coverage on shares of Applied Industrial Technologies in a report on Monday, October 7th. They issued a “neutral” rating and a $232.00 price target for the company. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $255.71.

Applied Industrial Technologies Price Performance

AIT stock opened at $231.30 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.56 and a current ratio of 3.53. The company’s fifty day moving average price is $214.79 and its 200-day moving average price is $201.18. Applied Industrial Technologies has a one year low of $149.59 and a one year high of $240.45. The company has a market capitalization of $8.93 billion, a PE ratio of 24.25, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, topping the consensus estimate of $2.25 by $0.11. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.39 EPS. On average, equities analysts anticipate that Applied Industrial Technologies will post 9.69 EPS for the current fiscal year.

Insider Buying and Selling at Applied Industrial Technologies

In other news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the transaction, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies 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 completion of the sale, the chief executive officer now directly owns 205,708 shares in the company, valued at $41,602,385.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 transaction of $986,659.80. Following the transaction, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,927 shares of company stock valued at $2,439,116 in the last quarter. 2.20% of the stock is owned by insiders.

Institutional Trading of Applied Industrial Technologies

A number of hedge funds have recently bought and sold shares of the stock. Pinnacle Associates Ltd. grew its stake in Applied Industrial Technologies by 1.8% in the third quarter. Pinnacle Associates Ltd. now owns 9,933 shares of the industrial products company’s stock valued at $2,216,000 after purchasing an additional 175 shares during the last quarter. Smith Group Asset Management LLC grew its position in shares of Applied Industrial Technologies by 25.1% in the 3rd quarter. Smith Group Asset Management LLC now owns 3,737 shares of the industrial products company’s stock worth $834,000 after buying an additional 749 shares during the last quarter. Insight Folios Inc bought a new position in shares of Applied Industrial Technologies during the 3rd quarter worth approximately $204,000. State of Alaska Department of Revenue lifted its position in Applied Industrial Technologies by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 4,495 shares of the industrial products company’s stock valued at $1,002,000 after acquiring an additional 300 shares during the last quarter. Finally, GHP Investment Advisors Inc. boosted its stake in Applied Industrial Technologies by 3.9% in the third quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock valued at $255,000 after acquiring an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

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.