Q3 2020 EPS Estimates for Applied Industrial Technologies Decreased by KeyCorp (NYSE:AIT)

Applied Industrial Technologies (NYSE:AIT) – Research analysts at KeyCorp lowered their Q3 2020 earnings estimates for Applied Industrial Technologies in a report released on Thursday, January 23rd. KeyCorp analyst S. Barger now anticipates that the industrial products company will post earnings of $1.09 per share for the quarter, down from their previous forecast of $1.14. KeyCorp has a “Overweight” rating and a $75.00 price target on the stock. KeyCorp also issued estimates for Applied Industrial Technologies’ Q4 2020 earnings at $1.18 EPS, FY2020 earnings at $4.27 EPS and FY2021 earnings at $4.66 EPS.

AIT has been the subject of several other reports. Robert W. Baird started coverage on shares of Applied Industrial Technologies in a report on Thursday, December 12th. They set a “buy” rating and a $81.00 price target for the company. Wells Fargo & Co upgraded shares of Applied Industrial Technologies from an “equal weight” rating to an “overweight” rating and set a $80.00 price objective on the stock in a report on Tuesday, January 14th. Zacks Investment Research lowered shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating and set a $65.00 price objective on the stock. in a report on Friday, November 15th. Sidoti upped their price objective on shares of Applied Industrial Technologies from $61.00 to $71.00 and gave the company a “neutral” rating in a report on Monday, December 9th. Finally, ValuEngine lowered shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Applied Industrial Technologies currently has an average rating of “Hold” and an average target price of $73.67.

NYSE AIT opened at $65.81 on Monday. Applied Industrial Technologies has a 1-year low of $49.45 and a 1-year high of $68.44. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 19.30 and a beta of 1.37. The company has a current ratio of 2.39, a quick ratio of 1.42 and a debt-to-equity ratio of 0.93. The company has a 50 day moving average of $66.38 and a 200-day moving average of $59.76.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, January 23rd. The industrial products company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.02. Applied Industrial Technologies had a return on equity of 18.08% and a net margin of 3.85%. The business had revenue of $833.40 million during the quarter, compared to analysts’ expectations of $847.19 million. During the same quarter last year, the company posted $0.99 earnings per share. Applied Industrial Technologies’s quarterly revenue was down .8% on a year-over-year basis.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Asset Management L.P. raised its holdings in shares of Applied Industrial Technologies by 500.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,200 shares of the industrial products company’s stock worth $68,000 after acquiring an additional 1,000 shares during the last quarter. Advisors Preferred LLC acquired a new stake in shares of Applied Industrial Technologies in the 4th quarter worth about $118,000. Public Employees Retirement System of Ohio raised its holdings in shares of Applied Industrial Technologies by 5.2% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,279 shares of the industrial products company’s stock worth $186,000 after acquiring an additional 162 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Applied Industrial Technologies by 18.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,499 shares of the industrial products company’s stock worth $233,000 after acquiring an additional 556 shares during the last quarter. Finally, River & Mercantile Asset Management LLP acquired a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth about $247,000. Institutional investors own 88.17% of the company’s stock.

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Thursday, February 13th. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.31. Applied Industrial Technologies’s dividend payout ratio is currently 28.12%.

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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