Applied Industrial Technologies (NYSE:AIT) PT Raised to $215.00

Applied Industrial Technologies (NYSE:AIT) had its target price raised by equities research analysts at KeyCorp from $210.00 to $215.00 in a research note issued on Friday, 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 8.03% from the company’s previous close.

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

Applied Industrial Technologies Stock Performance

Shares of AIT stock traded down $1.01 on Friday, hitting $199.02. 9,818 shares of the stock traded hands, compared to its average volume of 302,310. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.70. The company has a market capitalization of $7.68 billion, a PE ratio of 20.95, a PEG ratio of 2.03 and a beta of 1.06. Applied Industrial Technologies has a 1-year low of $142.66 and a 1-year high of $223.15. The company’s fifty day moving average is $196.45 and its 200 day moving average is $192.02.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.12. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.19 billion. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The business’s revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.35 EPS. On average, equities research analysts predict that Applied Industrial Technologies will post 9.62 earnings per share for the current fiscal year.

Insider Transactions at Applied Industrial Technologies

In other news, VP Jason W. Vasquez sold 650 shares of Applied Industrial Technologies stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $196.71, for a total transaction of $127,861.50. Following the sale, the vice president now owns 22,960 shares of the company’s stock, valued at approximately $4,516,461.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Industrial Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Creative Planning increased its holdings in Applied Industrial Technologies by 13.2% in the second quarter. Creative Planning now owns 8,839 shares of the industrial products company’s stock valued at $1,715,000 after purchasing an additional 1,034 shares during the last quarter. Algert Global LLC increased its holdings in shares of Applied Industrial Technologies by 55.6% in the second quarter. Algert Global LLC now owns 34,451 shares of the industrial products company’s stock worth $6,683,000 after acquiring an additional 12,314 shares in the last quarter. Dundas Partners LLP bought a new stake in shares of Applied Industrial Technologies in the second quarter worth about $46,805,000. AQR Capital Management LLC grew its holdings in shares of Applied Industrial Technologies by 57.6% during the second quarter. AQR Capital Management LLC now owns 52,476 shares of the industrial products company’s stock worth $10,120,000 after buying an additional 19,169 shares in the last quarter. Finally, Squarepoint Ops LLC grew its holdings in shares of Applied Industrial Technologies by 9.9% during the second quarter. Squarepoint Ops LLC now owns 6,722 shares of the industrial products company’s stock worth $1,304,000 after buying an additional 608 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

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.