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

Applied Industrial Technologies (NYSE:AIT) had its target price decreased by KeyCorp from $325.00 to $275.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price target indicates a potential upside of 22.50% from the company’s current price.

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

Applied Industrial Technologies Price Performance

AIT stock opened at $224.48 on Monday. The firm’s 50-day moving average price is $250.09 and its two-hundred day moving average price is $243.71. Applied Industrial Technologies has a 12-month low of $177.68 and a 12-month high of $282.98. The stock has a market capitalization of $8.62 billion, a price-to-earnings ratio of 22.74, a PEG ratio of 3.14 and a beta of 1.08. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating 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%. As a group, equities analysts predict that Applied Industrial Technologies will post 9.9 earnings per share for the current year.

Institutional Investors Weigh In On Applied Industrial Technologies

Several hedge funds have recently bought and sold shares of AIT. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Applied Industrial Technologies by 30.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,275 shares of the industrial products company’s stock worth $305,000 after buying an additional 301 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Applied Industrial Technologies in the fourth quarter worth approximately $11,938,000. Jefferies Financial Group Inc. bought a new position in shares of Applied Industrial Technologies in the fourth quarter worth approximately $327,000. Mackenzie Financial Corp lifted its stake in shares of Applied Industrial Technologies by 37.8% in the fourth quarter. Mackenzie Financial Corp now owns 3,389 shares of the industrial products company’s stock worth $812,000 after buying an additional 930 shares in the last quarter. Finally, US Asset Management LLC bought a new position in shares of Applied Industrial Technologies in the fourth quarter worth approximately $435,000. 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.