Applied Industrial Technologies, Inc. (NYSE:AIT) Position Boosted by Pathstone Holdings LLC

Pathstone Holdings LLC increased its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 1.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,069 shares of the industrial products company’s stock after purchasing an additional 190 shares during the period. Pathstone Holdings LLC’s holdings in Applied Industrial Technologies were worth $2,470,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of AIT. EntryPoint Capital LLC bought a new stake in shares of Applied Industrial Technologies in the 1st quarter valued at approximately $25,000. Headlands Technologies LLC bought a new stake in Applied Industrial Technologies during the second quarter valued at $26,000. Opal Wealth Advisors LLC acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth $32,000. V Square Quantitative Management LLC bought a new position in shares of Applied Industrial Technologies in the 3rd quarter worth about $34,000. Finally, Quarry LP acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AIT. KeyCorp raised their target price on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Bank of America boosted their price objective on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Oppenheimer increased their target price on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Mizuho started coverage on shares of Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $267.86.

Insider Buying and Selling

In other news, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the transaction, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. This trade represents a 20.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.67% of the stock is owned by corporate insiders.

Applied Industrial Technologies Stock Performance

AIT stock opened at $278.57 on Tuesday. The company has a market capitalization of $10.71 billion, a P/E ratio of 28.28, a PEG ratio of 3.80 and a beta of 1.03. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. The company has a 50-day simple moving average of $237.10 and a 200 day simple moving average of $211.23. Applied Industrial Technologies, Inc. has a fifty-two week low of $155.47 and a fifty-two week high of $282.32.

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

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors 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 annualized dividend and a yield of 0.53%. Applied Industrial Technologies’s dividend payout ratio is currently 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.