Applied Industrial Technologies (NYSE:AIT) Price Target Increased to $210.00 by Analysts at KeyCorp

Applied Industrial Technologies (NYSE:AIT) had its target price lifted by equities research analysts at KeyCorp from $195.00 to $210.00 in a report released on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price objective indicates a potential upside of 9.87% from the stock’s current price.

Separately, Oppenheimer initiated coverage on Applied Industrial Technologies in a research note on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 target price for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Industrial Technologies presently has an average rating of “Buy” and an average target price of $201.00.

Applied Industrial Technologies Trading Down 0.8 %

Shares of AIT stock opened at $191.13 on Thursday. Applied Industrial Technologies has a fifty-two week low of $122.24 and a fifty-two week high of $201.76. The company has a 50 day moving average price of $189.80 and a 200 day moving average price of $173.21. The stock has a market capitalization of $7.39 billion, a P/E ratio of 20.01, a price-to-earnings-growth ratio of 2.03 and a beta of 1.08. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.59 and a current ratio of 3.74.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, January 25th. The industrial products company reported $2.24 EPS for the quarter, beating the consensus estimate of $2.11 by $0.13. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter last year, the company posted $2.05 EPS. The firm’s revenue was up 1.6% compared to the same quarter last year. Equities research analysts predict that Applied Industrial Technologies will post 9.49 EPS for the current fiscal year.

Insider Activity

In other news, VP Warren E. Hoffner III sold 2,000 shares of Applied Industrial Technologies stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total transaction of $364,680.00. Following the completion of the sale, the vice president now directly owns 57,155 shares of the company’s stock, valued at approximately $10,421,642.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in Applied Industrial Technologies by 7.0% in the first quarter. BlackRock Inc. now owns 7,001,286 shares of the industrial products company’s stock valued at $718,751,000 after purchasing an additional 459,302 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Applied Industrial Technologies by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 5,072,162 shares of the industrial products company’s stock worth $875,912,000 after buying an additional 14,858 shares during the last quarter. FMR LLC boosted its holdings in shares of Applied Industrial Technologies by 38.5% in the 3rd quarter. FMR LLC now owns 1,625,565 shares of the industrial products company’s stock valued at $251,329,000 after buying an additional 451,876 shares in the last quarter. State Street Corp grew its position in shares of Applied Industrial Technologies by 0.7% in the 3rd quarter. State Street Corp now owns 1,383,105 shares of the industrial products company’s stock valued at $142,156,000 after buying an additional 10,144 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Applied Industrial Technologies by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 947,207 shares of the industrial products company’s stock valued at $163,575,000 after buying an additional 21,276 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

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.