KeyCorp Comments on Applied Industrial Technologies’ FY2018 Earnings (AIT)

Applied Industrial Technologies (NYSE:AIT) – Equities research analysts at KeyCorp lifted their FY2018 earnings per share estimates for shares of Applied Industrial Technologies in a note issued to investors on Thursday. KeyCorp analyst S. Barger now expects that the industrial products company will post earnings of $3.50 per share for the year, up from their previous estimate of $3.17.

Several other analysts also recently weighed in on the company. Wellington Shields upgraded Applied Industrial Technologies from a “hold” rating to a “gradually accumulate” rating in a research note on Wednesday, December 27th. Zacks Investment Research downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, December 26th. Finally, ValuEngine downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $70.50.

Applied Industrial Technologies (AIT) traded up $0.95 during trading on Monday, reaching $71.15. The company’s stock had a trading volume of 231,500 shares, compared to its average volume of 275,923. The company has a current ratio of 3.13, a quick ratio of 1.83 and a debt-to-equity ratio of 0.37. The stock has a market cap of $2,761.70, a P/E ratio of 19.99, a PEG ratio of 1.76 and a beta of 0.93. Applied Industrial Technologies has a twelve month low of $54.00 and a twelve month high of $71.75.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.86 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.10. The business had revenue of $680.70 million for the quarter, compared to the consensus estimate of $668.18 million. Applied Industrial Technologies had a return on equity of 16.25% and a net margin of 5.29%. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 EPS.

Several institutional investors and hedge funds have recently modified their holdings of the company. Schwab Charles Investment Management Inc. boosted its stake in shares of Applied Industrial Technologies by 1.0% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 347,092 shares of the industrial products company’s stock worth $23,637,000 after buying an additional 3,527 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Applied Industrial Technologies by 5.7% in the fourth quarter. Louisiana State Employees Retirement System now owns 16,700 shares of the industrial products company’s stock worth $1,137,000 after buying an additional 900 shares during the last quarter. Sit Investment Associates Inc. boosted its stake in shares of Applied Industrial Technologies by 415.5% in the fourth quarter. Sit Investment Associates Inc. now owns 23,715 shares of the industrial products company’s stock worth $1,615,000 after buying an additional 19,115 shares during the last quarter. Fruth Investment Management boosted its stake in shares of Applied Industrial Technologies by 19.9% in the fourth quarter. Fruth Investment Management now owns 24,700 shares of the industrial products company’s stock worth $1,682,000 after buying an additional 4,100 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Applied Industrial Technologies by 243.7% in the third quarter. Public Employees Retirement System of Ohio now owns 14,733 shares of the industrial products company’s stock worth $969,000 after buying an additional 10,447 shares during the last quarter. Hedge funds and other institutional investors own 87.91% of the company’s stock.

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About Applied Industrial Technologies

Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.

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