Applied Industrial Technologies (NYSE:AIT) PT Raised to $195.00

Applied Industrial Technologies (NYSE:AITGet Free Report) had its price objective hoisted by KeyCorp from $182.00 to $195.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price objective would suggest a potential upside of 10.11% from the stock’s previous close.

Separately, StockNews.com started coverage on Applied Industrial Technologies in a report on Thursday, October 5th. They set a “buy” rating for the company.

Check Out Our Latest Research Report on Applied Industrial Technologies

Applied Industrial Technologies Stock Up 0.4 %

Shares of NYSE AIT opened at $177.09 on Friday. Applied Industrial Technologies has a 12-month low of $122.24 and a 12-month high of $182.96. The stock’s fifty day simple moving average is $168.78 and its two-hundred day simple moving average is $158.68. The company has a current ratio of 3.52, a quick ratio of 2.44 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $6.86 billion, a PE ratio of 18.58 and a beta of 1.07.

Applied Industrial Technologies (NYSE:AITGet Free Report) last issued its quarterly earnings data on Thursday, January 25th. The industrial products company reported $2.24 EPS for the quarter, beating the consensus estimate of $2.11 by $0.13. Applied Industrial Technologies had a return on equity of 25.22% and a net margin of 8.39%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the business posted $2.05 EPS. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, analysts expect that Applied Industrial Technologies will post 9.59 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Mary Dean Hall sold 2,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $153.99, for a total value of $307,980.00. Following the completion of the transaction, the director now owns 4,812 shares in the company, valued at approximately $740,999.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Peter C. Wallace sold 1,130 shares of the firm’s stock in a transaction on Friday, November 24th. The stock was sold at an average price of $163.19, for a total value of $184,404.70. Following the completion of the transaction, the director now owns 23,641 shares in the company, valued at approximately $3,857,974.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary Dean Hall sold 2,000 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $153.99, for a total value of $307,980.00. Following the sale, the director now directly owns 4,812 shares in the company, valued at $740,999.88. The disclosure for this sale can be found here. Insiders sold 10,584 shares of company stock worth $1,715,612 in the last 90 days. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Applied Industrial Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AIT. BlackRock Inc. grew its position in Applied Industrial Technologies by 7.0% during the 1st quarter. BlackRock Inc. now owns 7,001,286 shares of the industrial products company’s stock worth $718,751,000 after purchasing an additional 459,302 shares during the period. FMR LLC grew its position in Applied Industrial Technologies by 38.5% during the 3rd quarter. FMR LLC now owns 1,625,565 shares of the industrial products company’s stock worth $251,329,000 after purchasing an additional 451,876 shares during the period. Norges Bank acquired a new stake in Applied Industrial Technologies during the 4th quarter worth about $56,563,000. Allspring Global Investments Holdings LLC grew its position in Applied Industrial Technologies by 96.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 425,295 shares of the industrial products company’s stock worth $65,755,000 after purchasing an additional 208,315 shares during the period. Finally, Millennium Management LLC grew its position in Applied Industrial Technologies by 4,394.2% during the 2nd quarter. Millennium Management LLC now owns 154,781 shares of the industrial products company’s stock worth $14,885,000 after purchasing an additional 151,337 shares during the period. 92.49% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Company Profile

(Get Free Report)

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.

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