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

Applied Industrial Technologies (NYSE:AIT) had its price objective reduced by equities researchers at KeyCorp from $325.00 to $275.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s target price suggests a potential upside of 22.28% from the company’s current price.

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

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $224.90 on Monday. The business has a 50 day simple moving average of $251.03 and a 200-day simple moving average of $243.41. The stock has a market capitalization of $8.63 billion, a PE ratio of 22.79, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55. Applied Industrial Technologies has a 12 month low of $177.68 and a 12 month high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. Equities analysts predict that Applied Industrial Technologies will post 9.9 earnings per share for the current year.

Institutional Trading of Applied Industrial Technologies

Several hedge funds have recently added to or reduced their stakes in AIT. Norges Bank bought a new stake in Applied Industrial Technologies during the 4th quarter valued at $129,690,000. Zurich Insurance Group Ltd FI bought a new stake in Applied Industrial Technologies during the 3rd quarter valued at $84,139,000. Price T Rowe Associates Inc. MD raised its stake in Applied Industrial Technologies by 199.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 309,617 shares of the industrial products company’s stock valued at $74,145,000 after acquiring an additional 206,220 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in Applied Industrial Technologies during the 3rd quarter valued at $32,233,000. Finally, First Trust Advisors LP raised its stake in Applied Industrial Technologies by 50.0% during the 4th quarter. First Trust Advisors LP now owns 404,784 shares of the industrial products company’s stock valued at $96,934,000 after acquiring an additional 134,975 shares in the last quarter. Institutional investors 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.