PNC Financial Services Group Inc. Increases Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

PNC Financial Services Group Inc. raised its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 3.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 14,533 shares of the industrial products company’s stock after acquiring an additional 436 shares during the period. PNC Financial Services Group Inc.’s holdings in Applied Industrial Technologies were worth $3,243,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. EntryPoint Capital LLC purchased a new stake in shares of Applied Industrial Technologies in the first quarter valued at approximately $25,000. Headlands Technologies LLC purchased a new stake in shares of Applied Industrial Technologies in the second quarter valued at approximately $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Applied Industrial Technologies in the second quarter valued at approximately $32,000. V Square Quantitative Management LLC purchased a new stake in shares of Applied Industrial Technologies in the third quarter valued at approximately $34,000. Finally, Quarry LP purchased a new stake in shares of Applied Industrial Technologies in the second quarter valued at approximately $39,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. The trade was a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.67% of the stock is owned by company insiders.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $277.11 on Monday. Applied Industrial Technologies, Inc. has a fifty-two week low of $155.47 and a fifty-two week high of $277.63. The stock has a market cap of $10.65 billion, a price-to-earnings ratio of 28.28, a price-to-earnings-growth ratio of 3.69 and a beta of 1.03. The business has a fifty day moving average of $237.10 and a 200-day moving average of $211.10. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33.

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

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio is currently 15.10%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Raymond James lifted 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. Oppenheimer lifted their price objective on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Mizuho assumed coverage on Applied Industrial Technologies in a report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price objective for the company. Bank of America lifted their price objective on Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Finally, Robert W. Baird lifted their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $267.86.

Applied Industrial Technologies Company 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.