KeyCorp Boosts Applied Industrial Technologies (NYSE:AIT) Price Target to $215.00

Applied Industrial Technologies (NYSE:AIT) had its target price upped by KeyCorp from $210.00 to $215.00 in a report published on Friday morning, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

A number of other analysts have also recently commented on AIT. StockNews.com cut shares of Applied Industrial Technologies from a buy rating to a hold rating in a research note on Thursday. Loop Capital upped their target price on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a buy rating in a report on Friday. Finally, Northcoast Research initiated coverage on shares of Applied Industrial Technologies in a report on Monday, July 1st. They set a neutral rating on the stock. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $226.67.

Applied Industrial Technologies Trading Up 0.8 %

AIT opened at $201.58 on Friday. Applied Industrial Technologies has a 1-year low of $142.66 and a 1-year high of $223.15. The company has a current ratio of 3.77, a quick ratio of 2.70 and a debt-to-equity ratio of 0.34. The company has a market cap of $7.78 billion, a P/E ratio of 21.13, a price-to-earnings-growth ratio of 2.03 and a beta of 1.06. The company has a fifty day moving average price of $196.73 and a two-hundred day moving average price of $192.18.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, topping the consensus estimate of $2.52 by $0.12. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.19 billion. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The firm’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.35 earnings per share. Analysts predict that Applied Industrial Technologies will post 9.62 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 15th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date is Thursday, August 15th. Applied Industrial Technologies’s payout ratio is 15.51%.

Insider Transactions at Applied Industrial Technologies

In related news, VP Jason W. Vasquez sold 650 shares of the stock in a transaction on Monday, May 20th. The shares were sold at an average price of $196.71, for a total transaction of $127,861.50. Following the transaction, the vice president now owns 22,960 shares of the company’s stock, valued at approximately $4,516,461.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Applied Industrial Technologies by 3.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,151 shares of the industrial products company’s stock valued at $1,408,000 after buying an additional 256 shares during the period. Federated Hermes Inc. boosted its position in Applied Industrial Technologies by 14.9% during the 4th quarter. Federated Hermes Inc. now owns 190,025 shares of the industrial products company’s stock valued at $32,815,000 after buying an additional 24,631 shares during the period. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Applied Industrial Technologies during the 4th quarter valued at $393,000. Foundry Partners LLC boosted its position in Applied Industrial Technologies by 39.5% during the 4th quarter. Foundry Partners LLC now owns 2,984 shares of the industrial products company’s stock valued at $515,000 after buying an additional 845 shares during the period. Finally, Duality Advisers LP boosted its position in Applied Industrial Technologies by 13.7% during the 4th quarter. Duality Advisers LP now owns 3,251 shares of the industrial products company’s stock valued at $561,000 after buying an additional 392 shares during the period. 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.