KeyCorp Raises Applied Industrial Technologies (NYSE:AIT) Price Target to $210.00

Applied Industrial Technologies (NYSE:AITFree Report) had its price target raised by KeyCorp from $195.00 to $210.00 in a research report sent to investors on Thursday, Benzinga reports. KeyCorp currently has an overweight rating on the industrial products company’s stock.

Separately, Oppenheimer assumed coverage on Applied Industrial Technologies in a research note on Tuesday, April 2nd. They issued an outperform rating and a $235.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Industrial Technologies currently has an average rating of Buy and an average target price of $201.00.

Read Our Latest Report on Applied Industrial Technologies

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $191.09 on Thursday. The firm has a market capitalization of $7.39 billion, a P/E ratio of 20.05, a P/E/G ratio of 2.03 and a beta of 1.08. Applied Industrial Technologies has a 52 week low of $122.24 and a 52 week high of $201.76. The stock has a 50 day moving average price of $189.96 and a two-hundred day moving average price of $173.46. 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:AITGet Free Report) last posted its quarterly earnings results on Thursday, January 25th. The industrial products company reported $2.24 earnings per share 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 analyst estimates of $1.06 billion. During the same quarter in the prior year, the business earned $2.05 earnings per share. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. Equities analysts forecast that Applied Industrial Technologies will post 9.49 earnings per share for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Shareholders of record on Thursday, February 15th were issued a $0.37 dividend. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.35. The ex-dividend date was Wednesday, February 14th. This represents a $1.48 dividend on an annualized basis and a yield of 0.77%. Applied Industrial Technologies’s dividend payout ratio is 15.53%.

Insider Buying and Selling at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 2,000 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $182.34, for a total value of $364,680.00. Following the transaction, the vice president now owns 57,155 shares in the company, valued at approximately $10,421,642.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of AIT. Baird Financial Group Inc. grew its holdings in shares of Applied Industrial Technologies by 4.2% in the fourth quarter. Baird Financial Group Inc. now owns 1,681 shares of the industrial products company’s stock worth $290,000 after purchasing an additional 67 shares during the last quarter. Orion Portfolio Solutions LLC grew its stake in Applied Industrial Technologies by 4.2% in the 4th quarter. Orion Portfolio Solutions LLC now owns 1,713 shares of the industrial products company’s stock worth $286,000 after acquiring an additional 69 shares in the last quarter. Metropolitan Life Insurance Co NY increased its position in shares of Applied Industrial Technologies by 3.2% during the fourth quarter. Metropolitan Life Insurance Co NY now owns 2,351 shares of the industrial products company’s stock worth $296,000 after acquiring an additional 72 shares during the period. Meritage Portfolio Management raised its stake in shares of Applied Industrial Technologies by 2.0% during the fourth quarter. Meritage Portfolio Management now owns 3,638 shares of the industrial products company’s stock valued at $628,000 after acquiring an additional 73 shares in the last quarter. Finally, Pinnacle Associates Ltd. boosted its holdings in shares of Applied Industrial Technologies by 0.8% in the third quarter. Pinnacle Associates Ltd. now owns 9,933 shares of the industrial products company’s stock valued at $1,536,000 after purchasing an additional 77 shares during the period. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Company Profile

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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.

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