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

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

A number of other research firms have also issued reports on AIT. StockNews.com lowered Applied Industrial Technologies from a buy rating to a hold rating in a report on Thursday, August 15th. Loop Capital increased their target price on Applied Industrial Technologies from $215.00 to $230.00 and gave the company a buy rating in a report on Friday. Finally, Northcoast Research initiated coverage on Applied Industrial Technologies in a report on Monday, July 1st. They issued a neutral rating for the company. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of Moderate Buy and a consensus target price of $226.67.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $199.32 on Friday. Applied Industrial Technologies has a one year low of $144.90 and a one year high of $223.15. The stock has a fifty day moving average of $196.98 and a 200-day moving average of $192.49. The company has a market capitalization of $7.69 billion, a PE ratio of 20.89, a price-to-earnings-growth ratio of 2.03 and a beta of 1.06. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.70 and a current ratio of 3.77.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 23.69% and a net margin of 8.36%. The company’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.35 EPS. As a group, equities analysts anticipate that Applied Industrial Technologies will post 9.62 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be issued a dividend of $0.37 per share. The ex-dividend date is Thursday, August 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.74%. Applied Industrial Technologies’s dividend payout ratio is 15.51%.

Hedge Funds Weigh In On Applied Industrial Technologies

Hedge funds have recently bought and sold shares of the business. Quadrature Capital Ltd acquired a new stake in shares of Applied Industrial Technologies in the first quarter valued at about $593,000. Meritage Portfolio Management grew its position in shares of Applied Industrial Technologies by 2.0% in the fourth quarter. Meritage Portfolio Management now owns 3,638 shares of the industrial products company’s stock valued at $628,000 after purchasing an additional 73 shares during the last quarter. American International Group Inc. grew its position in shares of Applied Industrial Technologies by 232.6% in the first quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock valued at $13,809,000 after purchasing an additional 48,883 shares during the last quarter. Hennessy Advisors Inc. grew its position in shares of Applied Industrial Technologies by 18.3% in the first quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock valued at $36,606,000 after purchasing an additional 28,700 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC grew its position in shares of Applied Industrial Technologies by 116.3% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 7,623 shares of the industrial products company’s stock valued at $1,316,000 after purchasing an additional 4,098 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.