Assetmark Inc. Invests $904,000 in Applied Industrial Technologies, Inc. (NYSE:AIT)

Assetmark Inc. bought a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,051 shares of the industrial products company’s stock, valued at approximately $904,000.

Several other hedge funds have also made changes to their positions in AIT. Dundas Partners LLP acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth about $46,805,000. Fiera Capital Corp boosted its holdings in Applied Industrial Technologies by 456.3% in the 3rd quarter. Fiera Capital Corp now owns 130,895 shares of the industrial products company’s stock valued at $29,207,000 after purchasing an additional 107,365 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Applied Industrial Technologies in the 3rd quarter valued at approximately $213,590,000. F M Investments LLC purchased a new stake in Applied Industrial Technologies in the 2nd quarter valued at approximately $15,690,000. Finally, New York State Common Retirement Fund boosted its holdings in Applied Industrial Technologies by 65.6% in the 3rd quarter. New York State Common Retirement Fund now owns 144,621 shares of the industrial products company’s stock valued at $32,269,000 after purchasing an additional 57,283 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Insider Buying and Selling at Applied Industrial Technologies

In other news, CEO Neil A. Schrimsher sold 3,703 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the sale, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at $41,602,385.92. The trade was a 1.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction of $986,659.80. Following the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This represents a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 11,927 shares of company stock worth $2,439,116. Insiders own 1.67% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on AIT. Loop Capital lifted their price objective on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. Mizuho began coverage on Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective on the stock. Robert W. Baird lifted their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. KeyCorp boosted their price target on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Oppenheimer boosted their price target on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $267.86.

Applied Industrial Technologies Trading Down 1.4 %

Shares of Applied Industrial Technologies stock opened at $266.73 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.78 and a quick ratio of 2.74. Applied Industrial Technologies, Inc. has a 1 year low of $155.47 and a 1 year high of $276.97. The company has a market capitalization of $10.25 billion, a P/E ratio of 27.22, a P/E/G ratio of 3.73 and a beta of 1.03. The business has a 50 day moving average price of $228.69 and a 200 day moving average price of $207.49.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the firm posted $2.39 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. Sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.74 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 annualized dividend and a yield of 0.55%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.10%.

Applied Industrial Technologies 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.