Applied Industrial Technologies (NYSE:AIT – Get Rating) had its price target reduced by equities research analysts at KeyCorp from $140.00 to $130.00 in a report issued on Wednesday, Stock Target Advisor reports. The firm currently has an "overweight" rating on the industrial products company's stock. KeyCorp's price target indicates a potential upside of 29.15% from the stock's previous close. KeyCorp also issued estimates for Applied Industrial Technologies' Q3 2023 earnings at $1.85 EPS, Q1 2024 earnings at $1.77 EPS, Q2 2024 earnings at $1.72 EPS, Q3 2024 earnings at $1.97 EPS, Q4 2024 earnings at $2.22 EPS and FY2024 earnings at $7.67 EPS.
Several other research firms have also issued reports on AIT. Robert W. Baird lowered shares of Applied Industrial Technologies from an "outperform" rating to a "neutral" rating and raised their price target for the stock from $115.00 to $129.00 in a report on Friday, August 12th. StockNews.com lowered shares of Applied Industrial Technologies from a "strong-buy" rating to a "buy" rating in a research note on Tuesday.
Get Applied Industrial Technologies alerts:Applied Industrial Technologies Price Performance
NYSE:AIT opened at $100.66 on Wednesday. Applied Industrial Technologies has a 52 week low of $88.09 and a 52 week high of $121.20. The firm has a market cap of $3.88 billion, a price-to-earnings ratio of 15.05 and a beta of 1.19. The firm's 50-day simple moving average is $105.34 and its 200 day simple moving average is $101.65. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.82 and a current ratio of 2.72.
Applied Industrial Technologies (NYSE:AIT – Get Rating) last announced its quarterly earnings data on Thursday, August 11th. The industrial products company reported $2.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.66 by $0.36. Applied Industrial Technologies had a net margin of 6.76% and a return on equity of 24.25%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $977.43 million. During the same period in the prior year, the company posted $1.51 earnings per share. The business's revenue for the quarter was up 18.5% on a year-over-year basis. As a group, sell-side analysts predict that Applied Industrial Technologies will post 7.3 earnings per share for the current year.Insider Buying and Selling
In related news, Director Vincent K. Petrella sold 3,114 shares of the business's stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $114.76, for a total value of $357,362.64. Following the sale, the director now directly owns 18,666 shares in the company, valued at approximately $2,142,110.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Kurt W. Loring sold 7,146 shares of the business's stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $112.66, for a total transaction of $805,068.36. Following the completion of the transaction, the vice president now owns 24,632 shares of the company's stock, valued at $2,775,041.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vincent K. Petrella sold 3,114 shares of the business's stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $114.76, for a total value of $357,362.64. Following the transaction, the director now directly owns 18,666 shares of the company's stock, valued at approximately $2,142,110.16. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of AIT. Geode Capital Management LLC boosted its stake in Applied Industrial Technologies by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 674,811 shares of the industrial products company's stock worth $69,303,000 after buying an additional 12,225 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in Applied Industrial Technologies by 38.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 509 shares of the industrial products company's stock worth $52,000 after purchasing an additional 141 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in Applied Industrial Technologies by 4.8% in the fourth quarter. Nuveen Asset Management LLC now owns 550,963 shares of the industrial products company's stock worth $56,583,000 after purchasing an additional 24,996 shares in the last quarter. State Street Corp increased its holdings in shares of Applied Industrial Technologies by 1.8% during the fourth quarter. State Street Corp now owns 1,311,361 shares of the industrial products company's stock valued at $134,677,000 after acquiring an additional 23,027 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Applied Industrial Technologies by 463.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,144,594 shares of the industrial products company's stock valued at $117,550,000 after acquiring an additional 941,429 shares in the last quarter. Hedge funds and other institutional investors own 93.10% of the company's stock.
About Applied Industrial Technologies
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Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates through two segments, Service Center Based Distribution, and Fluid Power & Flow Control. 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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