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

Applied Industrial Technologies (NYSE:AIT) had its price target boosted by equities research analysts at KeyCorp from $245.00 to $275.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s target price would suggest a potential upside of 18.37% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. Robert W. Baird increased their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Loop Capital increased their price objective on Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, August 16th. Raymond James began coverage on Applied Industrial Technologies in a report on Wednesday, September 4th. They set an “outperform” rating and a $225.00 price objective for the company. Northcoast Research began coverage on Applied Industrial Technologies in a report on Monday, July 1st. They set a “neutral” rating for the company. Finally, Bank of America began coverage on Applied Industrial Technologies in a research report on Monday, October 7th. They set a “neutral” rating and a $232.00 price target for the company. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $251.00.

Applied Industrial Technologies Trading Up 0.2 %

Shares of Applied Industrial Technologies stock traded up $0.36 during trading hours on Friday, hitting $232.33. The company’s stock had a trading volume of 91,821 shares, compared to its average volume of 288,058. Applied Industrial Technologies has a 12 month low of $149.59 and a 12 month high of $240.45. The stock has a 50 day moving average of $214.20 and a 200 day moving average of $200.90. The company has a market capitalization of $8.97 billion, a PE ratio of 24.34, a price-to-earnings-growth ratio of 3.12 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.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. Applied Industrial Technologies’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the company earned $2.39 earnings per share. Analysts predict that Applied Industrial Technologies will post 9.69 earnings per share for the current year.

Insider Activity

In other news, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the completion of the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the completion of the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the sale, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,927 shares of company stock valued at $2,439,116 over the last three months. Insiders own 2.20% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Several hedge funds have recently added to or reduced their stakes in the company. EntryPoint Capital LLC bought a new position in Applied Industrial Technologies during the 1st quarter worth $25,000. Headlands Technologies LLC bought a new position in Applied Industrial Technologies during the 2nd quarter worth $26,000. Opal Wealth Advisors LLC bought a new position in Applied Industrial Technologies during the 2nd quarter worth $32,000. V Square Quantitative Management LLC bought a new position in Applied Industrial Technologies during the 3rd quarter worth $34,000. Finally, Quarry LP bought a new position in Applied Industrial Technologies during the 2nd quarter worth $39,000. 93.52% of the stock is owned by institutional investors and hedge funds.

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.