Applied Industrial Technologies (NYSE:AIT) Rating Reiterated by KeyCorp

KeyCorp reiterated their overweight rating on shares of Applied Industrial Technologies (NYSE:AIT) in a research report sent to investors on Thursday, BenzingaRatingsTable reports. KeyCorp currently has a $65.00 price objective on the industrial products company’s stock, down from their previous price objective of $70.00.

Separately, ValuEngine raised Applied Industrial Technologies from a sell rating to a hold rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. Applied Industrial Technologies presently has an average rating of Hold and a consensus target price of $63.33.

Shares of Applied Industrial Technologies stock opened at $53.20 on Thursday. The business’s 50 day simple moving average is $58.55 and its 200 day simple moving average is $58.32. Applied Industrial Technologies has a 52-week low of $49.45 and a 52-week high of $82.35. The firm has a market cap of $2.03 billion, a PE ratio of 11.91 and a beta of 1.31. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.61 and a current ratio of 2.71.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Wednesday, August 14th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.19 by ($0.17). Applied Industrial Technologies had a net margin of 4.15% and a return on equity of 19.53%. The firm had revenue of $882.70 million during the quarter, compared to analyst estimates of $919.72 million. During the same period in the prior year, the business posted $1.03 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, equities research analysts predict that Applied Industrial Technologies will post 4.4 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Wednesday, August 14th. Applied Industrial Technologies’s dividend payout ratio is presently 28.12%.

A number of institutional investors have recently made changes to their positions in AIT. FinTrust Capital Advisors LLC increased its position in shares of Applied Industrial Technologies by 174.8% during the 1st quarter. FinTrust Capital Advisors LLC now owns 437 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 278 shares during the last quarter. Parallel Advisors LLC acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $32,000. Rockefeller Capital Management L.P. increased its position in shares of Applied Industrial Technologies by 124.2% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 621 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 344 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $116,000. Finally, Quantamental Technologies LLC boosted its stake in shares of Applied Industrial Technologies by 23.5% during the 2nd quarter. Quantamental Technologies LLC now owns 2,099 shares of the industrial products company’s stock worth $129,000 after acquiring an additional 400 shares during the period. 88.48% of the stock is currently owned by institutional investors and hedge funds.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.

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