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

Applied Industrial Technologies (NYSE:AIT) – Research analysts at KeyCorp lowered their Q3 2020 earnings estimates for shares of 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 prior estimate of $1.14. KeyCorp has a “Overweight” rating and a $75.00 price objective 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.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, January 23rd. The industrial products company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.02. The company had revenue of $833.40 million for the quarter, compared to analyst estimates of $847.19 million. Applied Industrial Technologies had a net margin of 3.85% and a return on equity of 17.79%. Applied Industrial Technologies’s revenue for the quarter was down .8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.99 EPS.

AIT has been the topic of several other reports. Sidoti boosted their price objective on shares of Applied Industrial Technologies from $61.00 to $71.00 and gave the stock a “neutral” rating in a research note on Monday, December 9th. 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 research note on Friday, November 15th. Robert W. Baird assumed coverage on shares of Applied Industrial Technologies in a research note on Thursday, December 12th. They set a “buy” rating and a $81.00 price objective on the stock. 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 research note on Tuesday, January 14th. Finally, ValuEngine lowered shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research note on Friday, January 24th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Applied Industrial Technologies has an average rating of “Hold” and an average target price of $73.67.

Applied Industrial Technologies stock opened at $65.56 on Monday. The firm has a market capitalization of $2.54 billion, a PE ratio of 19.23 and a beta of 1.37. The company’s 50-day moving average is $66.41 and its 200-day moving average is $59.87. Applied Industrial Technologies has a fifty-two week low of $49.45 and a fifty-two week high of $68.44. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.72 and a quick ratio of 1.61.

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be paid a $0.32 dividend. The ex-dividend date is Thursday, February 13th. This represents a $1.28 dividend on an annualized basis and a yield of 1.95%. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.31. Applied Industrial Technologies’s dividend payout ratio is 28.12%.

A number of institutional investors and hedge funds have recently made changes to their positions in AIT. Point72 Asset Management L.P. grew its stake in 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 valued at $68,000 after buying an additional 1,000 shares during the last quarter. Advisors Preferred LLC acquired a new position in Applied Industrial Technologies in the 4th quarter valued at about $118,000. Public Employees Retirement System of Ohio grew its stake in 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 valued at $186,000 after buying an additional 162 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in 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 valued at $233,000 after buying an additional 556 shares during the last quarter. Finally, River & Mercantile Asset Management LLP acquired a new position in Applied Industrial Technologies in the 2nd quarter valued at about $247,000. Institutional investors and hedge funds own 86.49% of the company’s stock.

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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