Applied Industrial Technologies (NYSE:AIT) Price Target Cut to $275.00 by Analysts at KeyCorp

Applied Industrial Technologies (NYSE:AIT) had its price target cut by stock analysts at KeyCorp from $325.00 to $275.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price target suggests a potential upside of 22.28% from the stock’s previous close.

Several other research analysts have also recently issued reports on AIT. Bank of America upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and increased their target price for the stock from $285.00 to $315.00 in a report on Tuesday, November 26th. Robert W. Baird increased their target price on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Raymond James reissued an “outperform” rating and set a $265.00 price target (up from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. Finally, StockNews.com lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $284.29.

Applied Industrial Technologies Trading Up 2.7 %

NYSE AIT opened at $224.90 on Monday. The company’s 50-day moving average price is $251.03 and its 200-day moving average price is $243.41. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32. The stock has a market cap of $8.63 billion, a PE ratio of 22.79, a PEG ratio of 3.14 and a beta of 1.08. 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 quarterly 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 research analysts forecast that Applied Industrial Technologies will post 9.9 earnings per share for the current year.

Institutional Investors Weigh In On Applied Industrial Technologies

A number of institutional investors have recently added to or reduced their stakes in AIT. Larson Financial Group LLC boosted its stake in Applied Industrial Technologies by 5,900.0% during the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 118 shares during the last quarter. Kestra Investment Management LLC purchased a new stake in Applied Industrial Technologies in the 4th quarter valued at about $30,000. First Horizon Advisors Inc. grew its position in Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 88 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Applied Industrial Technologies during the fourth quarter worth about $44,000. Finally, Huntington National Bank grew its position in shares of Applied Industrial Technologies by 33.8% during the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company’s stock worth $45,000 after buying an additional 47 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.