Applied Industrial Technologies (NYSE:AIT) Price Target Increased to $245.00 by Analysts at KeyCorp

Applied Industrial Technologies (NYSE:AIT) had its target price increased by KeyCorp from $215.00 to $245.00 in a report released on Monday morning, Benzinga reports. KeyCorp currently has an overweight rating on the industrial products company’s stock.

Other equities analysts have also recently issued reports about the company. Raymond James started coverage on Applied Industrial Technologies in a research report on Wednesday, September 4th. They issued an outperform rating and a $225.00 price objective on the stock. StockNews.com cut shares of Applied Industrial Technologies from a buy rating to a hold rating in a research note on Thursday, September 5th. Robert W. Baird boosted their price objective on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the company an outperform rating in a research report on Thursday, August 29th. Northcoast Research started coverage on shares of Applied Industrial Technologies in a research note on Monday, July 1st. They set a neutral rating on the stock. Finally, Loop Capital boosted their price target on Applied Industrial Technologies from $215.00 to $230.00 and gave the company a buy rating in a report on Friday, August 16th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Applied Industrial Technologies has an average rating of Moderate Buy and a consensus price target of $229.00.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $220.32 on Monday. The firm has a market capitalization of $8.51 billion, a price-to-earnings ratio of 23.09, a price-to-earnings-growth ratio of 2.31 and a beta of 1.03. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. The business’s 50 day simple moving average is $205.11 and its 200-day simple moving average is $196.26. Applied Industrial Technologies has a 12 month low of $149.59 and a 12 month high of $226.23.

Applied Industrial Technologies (NYSE:AIT) last issued 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. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the company earned $2.35 EPS. The firm’s revenue was up .2% on a year-over-year basis. As a group, equities analysts forecast that Applied Industrial Technologies will post 9.71 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 0.67%. The ex-dividend date was Thursday, August 15th. Applied Industrial Technologies’s payout ratio is currently 15.51%.

Insider Transactions at Applied Industrial Technologies

In related news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the sale, the chief executive officer now owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $4,037,221.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $202.24, for a total transaction of $748,894.72. Following the transaction, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at $41,602,385.92. The disclosure for this sale can be found here. Insiders sold 11,927 shares of company stock valued at $2,439,116 over the last quarter. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of AIT. Quadrature Capital Ltd acquired a new stake in shares of Applied Industrial Technologies during the 1st quarter valued at approximately $593,000. American International Group Inc. raised its holdings in shares of Applied Industrial Technologies by 232.6% during the first quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock worth $13,809,000 after purchasing an additional 48,883 shares during the period. Hennessy Advisors Inc. lifted its position in shares of Applied Industrial Technologies by 18.3% in the 1st quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock worth $36,606,000 after buying an additional 28,700 shares during the last quarter. Campbell & CO Investment Adviser LLC boosted its holdings in shares of Applied Industrial Technologies by 116.3% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 7,623 shares of the industrial products company’s stock valued at $1,316,000 after buying an additional 4,098 shares during the period. Finally, Stifel Financial Corp grew its position in shares of Applied Industrial Technologies by 24.4% during the 4th quarter. Stifel Financial Corp now owns 34,551 shares of the industrial products company’s stock valued at $5,967,000 after buying an additional 6,775 shares during the last quarter. 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.