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

Applied Industrial Technologies (NYSE:AIT) had its price objective trimmed by KeyCorp from $325.00 to $275.00 in a research report released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

Several other research analysts have also recently weighed in on AIT. Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. StockNews.com lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Raymond James reaffirmed an “outperform” rating and issued a $265.00 price objective (up previously from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. Finally, Bank of America raised 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. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $284.29.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $230.26 on Monday. The company has a market capitalization of $8.84 billion, a PE ratio of 23.33, a PEG ratio of 3.14 and a beta of 1.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55. Applied Industrial Technologies has a 1-year low of $177.68 and a 1-year high of $282.98. The business has a fifty day moving average price of $249.72 and a 200-day moving average price of $243.62.

Applied Industrial Technologies (NYSE:AIT) last announced 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%. As a group, equities analysts expect that Applied Industrial Technologies will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were given a dividend of $0.46 per share. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.37. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date was Friday, February 14th. Applied Industrial Technologies’s dividend payout ratio is currently 18.64%.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Applied Industrial Technologies during the 4th quarter worth about $129,690,000. Zurich Insurance Group Ltd FI bought a new position in shares of Applied Industrial Technologies during the third quarter valued at approximately $84,139,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Applied Industrial Technologies by 199.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 309,617 shares of the industrial products company’s stock worth $74,145,000 after acquiring an additional 206,220 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in Applied Industrial Technologies in the third quarter worth $32,233,000. Finally, First Trust Advisors LP boosted its stake in shares of Applied Industrial Technologies by 50.0% during the fourth quarter. First Trust Advisors LP now owns 404,784 shares of the industrial products company’s stock valued at $96,934,000 after purchasing an additional 134,975 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.

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.