Applied Industrial Technologies (NYSE:AIT) Price Target Lowered to $275.00 at KeyCorp

Applied Industrial Technologies (NYSE:AIT) had its target price reduced by KeyCorp from $325.00 to $275.00 in a research report released on Monday,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Several other research firms also recently weighed in on AIT. Robert W. Baird boosted their target price on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Raymond James restated an “outperform” rating and issued a $265.00 target price (up previously from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $285.00 to $315.00 in a research note on Tuesday, November 26th. Finally, StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $284.29.

Applied Industrial Technologies Price Performance

Shares of AIT opened at $230.26 on Monday. The stock has a market capitalization of $8.84 billion, a PE ratio of 23.33, a PEG ratio of 3.14 and a beta of 1.08. Applied Industrial Technologies has a fifty-two week low of $177.68 and a fifty-two week high of $282.98. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. The company has a 50 day moving average price of $249.72 and a 200-day moving average price of $243.62.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. Equities analysts predict that Applied Industrial Technologies will post 9.9 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 Friday, February 28th. Shareholders of record on Friday, February 14th were given a $0.46 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.80%. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s dividend payout ratio is 18.64%.

Institutional Trading of Applied Industrial Technologies

Several institutional investors have recently bought and sold shares of AIT. Larson Financial Group LLC grew its position in shares of Applied Industrial Technologies by 5,900.0% in the fourth quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 118 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $30,000. First Horizon Advisors Inc. increased its position in Applied Industrial Technologies by 106.0% during the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 88 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Applied Industrial Technologies during the fourth quarter worth about $44,000. Finally, Huntington National Bank boosted its holdings in Applied Industrial Technologies by 33.8% in the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 47 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.