Applied Industrial Technologies (NYSE:AIT) Given New $290.00 Price Target at Loop Capital

Applied Industrial Technologies (NYSE:AIT - Get Free Report) had its price objective cut by analysts at Loop Capital from $320.00 to $290.00 in a report released on Thursday,Benzinga reports. The firm presently has a "buy" rating on the industrial products company's stock. Loop Capital's price objective would suggest a potential upside of 30.59% from the company's previous close.

Several other equities research analysts also recently weighed in on the stock. KeyCorp reduced their price objective on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a report on Monday, March 17th. Robert W. Baird increased their price objective on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Raymond James reissued an "outperform" rating and set a $265.00 target price (up previously from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Finally, StockNews.com lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, Applied Industrial Technologies presently has an average rating of "Moderate Buy" and an average price target of $287.14.

Applied Industrial Technologies Stock Performance

Shares of AIT traded up $7.85 during midday trading on Thursday, hitting $222.06. 308,401 shares of the stock traded hands, compared to its average volume of 291,056. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. Applied Industrial Technologies has a 1-year low of $177.68 and a 1-year high of $282.98. The business's 50 day moving average price is $232.72 and its two-hundred day moving average price is $245.73. The firm has a market capitalization of $8.52 billion, a PE ratio of 22.50, a price-to-earnings-growth ratio of 3.14 and a beta of 1.01.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share for the quarter, beating analysts' consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. Equities research analysts predict that Applied Industrial Technologies will post 9.9 EPS for the current fiscal year.

Institutional Trading of Applied Industrial Technologies

Hedge funds have recently bought and sold shares of the company. Larson Financial Group LLC lifted its position in shares of Applied Industrial Technologies by 5,900.0% in the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 118 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of Applied Industrial Technologies by 51.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after buying an additional 44 shares during the period. Kestra Investment Management LLC acquired a new position in Applied Industrial Technologies during the fourth quarter valued at $30,000. Harbor Investment Advisory LLC lifted its stake in Applied Industrial Technologies by 97.5% in the 1st quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after acquiring an additional 79 shares in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in Applied Industrial Technologies during the 1st quarter worth about $41,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

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.