Applied Industrial Technologies (NYSE:AIT) Stock Price Expected to Rise, KeyCorp Analyst Says

Applied Industrial Technologies (NYSE:AIT) had its price target lifted by equities research analysts at KeyCorp from $275.00 to $325.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price target would suggest a potential upside of 17.04% from the company’s current price.

AIT has been the topic of several other research reports. StockNews.com raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Raymond James increased their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Mizuho began coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price objective on the stock. Robert W. Baird increased their price objective 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, Bank of America raised Applied Industrial Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $285.71.

Applied Industrial Technologies Trading Up 0.2 %

NYSE:AIT opened at $277.68 on Tuesday. The stock has a fifty day moving average price of $246.36 and a two-hundred day moving average price of $215.57. The stock has a market capitalization 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 debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. Applied Industrial Technologies has a 1 year low of $162.19 and a 1 year high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last posted its 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 for the quarter, compared to analyst estimates of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. Applied Industrial Technologies’s revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.39 earnings per share. As a group, sell-side analysts anticipate that Applied Industrial Technologies will post 9.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Mary Dean Hall sold 2,200 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was 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. This trade represents a 38.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Warren E. Hoffner III sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total value of $1,126,560.00. Following the completion of the transaction, the vice president now owns 55,709 shares in the company, valued at approximately $15,689,882.76. This trade represents a 6.70 % 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 Investors Weigh In On Applied Industrial Technologies

Several hedge funds have recently modified their holdings of the stock. State Street Corp grew its stake in Applied Industrial Technologies by 2.4% during the 3rd quarter. State Street Corp now owns 1,441,051 shares of the industrial products company’s stock valued at $321,542,000 after purchasing an additional 34,113 shares in the last quarter. Geode Capital Management LLC grew its stake in Applied Industrial Technologies by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,040,389 shares of the industrial products company’s stock valued at $232,181,000 after purchasing an additional 40,689 shares in the last quarter. Boston Trust Walden Corp grew its stake in Applied Industrial Technologies by 1.2% during the 2nd quarter. Boston Trust Walden Corp now owns 630,915 shares of the industrial products company’s stock valued at $122,398,000 after purchasing an additional 7,720 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Applied Industrial Technologies by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,317 shares of the industrial products company’s stock valued at $127,032,000 after purchasing an additional 3,887 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in Applied Industrial Technologies during the 3rd quarter valued at approximately $84,139,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Industrial Technologies

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.