Oppenheimer Asset Management Inc. Has $517,000 Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Oppenheimer Asset Management Inc. boosted its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 85.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,318 shares of the industrial products company’s stock after purchasing an additional 1,069 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Applied Industrial Technologies were worth $517,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Dundas Partners LLP acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter worth about $46,805,000. Fiera Capital Corp raised its stake in Applied Industrial Technologies by 456.3% in the third quarter. Fiera Capital Corp now owns 130,895 shares of the industrial products company’s stock valued at $29,207,000 after buying an additional 107,365 shares during the period. International Assets Investment Management LLC bought a new stake in Applied Industrial Technologies in the third quarter valued at approximately $213,590,000. F M Investments LLC acquired a new stake in shares of Applied Industrial Technologies in the second quarter valued at approximately $15,690,000. Finally, New York State Common Retirement Fund boosted its stake in shares of Applied Industrial Technologies by 65.6% during the 3rd quarter. New York State Common Retirement Fund now owns 144,621 shares of the industrial products company’s stock worth $32,269,000 after acquiring an additional 57,283 shares during the period. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Stock Down 0.4 %

Shares of AIT opened at $266.28 on Wednesday. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies, Inc. has a 12 month low of $155.47 and a 12 month high of $276.97. The firm’s 50 day moving average is $231.56 and its 200-day moving average is $209.01. The stock has a market capitalization of $10.24 billion, a PE ratio of 27.17, a P/E/G ratio of 3.66 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.11. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.39 EPS. Equities research analysts forecast that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.56%. Applied Industrial Technologies’s payout ratio is 15.10%.

Insider Buying and Selling at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the sale, the vice president now owns 19,315 shares in the company, valued at approximately $4,037,221.30. This trade represents a 14.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.67% of the company’s stock.

Wall Street Analyst Weigh In

AIT has been the subject of a number of research analyst reports. Loop Capital lifted their price objective on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Bank of America increased their price target on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Raymond James boosted their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, Mizuho assumed coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 target price on the stock. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $267.86.

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.