Applied Industrial Technologies (NYSE:AIT) Stock Gets Price Target Cut from KeyCorp

Applied Industrial Technologies (NYSE:AIT) had its price objective decreased by KeyCorp from $420.00 to $360.00 in a report issued on Wednesday morning, Marketbeat reports. KeyCorp currently has an overweight rating on the industrial products company’s stock.

Several other analysts also recently weighed in on the stock. Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Bank of America lifted their price objective on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Weiss Ratings lowered Applied Industrial Technologies from a “buy (a-)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Oppenheimer restated an “outperform” rating on shares of Applied Industrial Technologies in a report on Wednesday. Finally, Robert W. Baird dropped their price objective on shares of Applied Industrial Technologies from $400.00 to $350.00 and set an “outperform” rating on the stock in a research note on Wednesday. Seven equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $380.00.

Applied Industrial Technologies Trading Down 2.8%

NYSE:AIT opened at $293.82 on Wednesday. The business’s 50 day moving average is $327.32 and its two-hundred day moving average is $309.30. Applied Industrial Technologies has a 52 week low of $238.72 and a 52 week high of $374.80. The company has a market cap of $10.73 billion, a PE ratio of 26.00, a P/E/G ratio of 2.41 and a beta of 0.85. The company has a quick ratio of 1.75, a current ratio of 2.89 and a debt-to-equity ratio of 0.15.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.08. Applied Industrial Technologies had a net margin of 8.38% and a return on equity of 22.68%. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the company posted $2.63 earnings per share. The firm’s revenue was up 7.6% on a year-over-year basis. On average, analysts predict that Applied Industrial Technologies will post 12.06 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Friday, November 13th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 0.7%. The ex-dividend date is Friday, November 13th. Applied Industrial Technologies’s dividend payout ratio is presently 18.61%.

Insider Transactions at Applied Industrial Technologies

In other news, CFO David K. Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the sale, the chief financial officer directly owned 32,050 shares in the company, valued at approximately $11,380,955. The trade was a 5.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter C. Wallace sold 1,904 shares of the stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the transaction, the director directly owned 22,859 shares of the company’s stock, valued at approximately $7,782,346.55. The trade was a 7.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by company insiders.

Institutional Trading of Applied Industrial Technologies

Several large investors have recently added to or reduced their stakes in AIT. Alpine Bank Wealth Management bought a new stake in Applied Industrial Technologies during the 3rd quarter worth about $25,000. Global Retirement Partners LLC acquired a new position in Applied Industrial Technologies in the second quarter valued at about $37,000. Kilter Group LLC acquired a new position in Applied Industrial Technologies during the second quarter valued at approximately $40,000. Silvant Capital Management LLC acquired a new position in Applied Industrial Technologies during the second quarter worth $54,000. Finally, Harbor Investment Advisory LLC acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter worth about $96,000. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc (NYSE: AIT) is a distributor and value-added service provider of industrial motion, power transmission, fluid power, automation, and control products. Its offerings include bearings, mechanical power-transmission components, motors, gearboxes, hydraulic and pneumatic equipment, industrial hoses, process pumps, safety products, and related maintenance supplies.

The company also provides technical and engineering services designed to help customers improve equipment performance, reliability, and productivity.