Glenmede Trust Co. NA Purchases 403 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Glenmede Trust Co. NA raised its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 11.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,928 shares of the industrial products company’s stock after acquiring an additional 403 shares during the period. Glenmede Trust Co. NA’s holdings in Applied Industrial Technologies were worth $876,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Boston Trust Walden Corp lifted its position in Applied Industrial Technologies by 1.2% in the second quarter. Boston Trust Walden Corp now owns 630,915 shares of the industrial products company’s stock worth $122,398,000 after purchasing an additional 7,720 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Applied Industrial Technologies by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,317 shares of the industrial products company’s stock worth $127,032,000 after acquiring an additional 3,887 shares during the period. Dundas Partners LLP acquired a new stake in shares of Applied Industrial Technologies during the 2nd quarter valued at about $46,805,000. Handelsbanken Fonder AB increased its stake in Applied Industrial Technologies by 28.7% in the third quarter. Handelsbanken Fonder AB now owns 221,823 shares of the industrial products company’s stock valued at $49,495,000 after acquiring an additional 49,500 shares during the period. Finally, Victory Capital Management Inc. raised its position in Applied Industrial Technologies by 18.2% in the second quarter. Victory Capital Management Inc. now owns 204,430 shares of the industrial products company’s stock worth $39,659,000 after purchasing an additional 31,514 shares in the last quarter. Institutional investors own 93.52% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AIT shares. Oppenheimer lifted their price objective on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and upped their price target for the company from $285.00 to $315.00 in a research report on Tuesday, November 26th. 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. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Raymond James lifted their price target on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $278.57.

Insiders Place Their Bets

In other Applied Industrial Technologies news, Director Mary Dean Hall sold 2,200 shares of Applied Industrial Technologies stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total transaction of $605,176.00. Following the completion of the sale, the director now owns 3,462 shares of the company’s stock, valued at approximately $952,326.96. The trade was a 38.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Warren E. Hoffner III sold 4,000 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total value of $1,126,560.00. Following the completion of the transaction, the vice president now directly owns 55,709 shares in the company, valued at approximately $15,689,882.76. This trade represents a 6.70 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.67% of the company’s stock.

Applied Industrial Technologies Stock Down 0.7 %

Shares of NYSE:AIT opened at $272.88 on Tuesday. 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 firm has a market cap of $10.49 billion, a P/E ratio of 27.84, a P/E/G ratio of 3.77 and a beta of 1.03. Applied Industrial Technologies, Inc. has a 12 month low of $162.19 and a 12 month high of $282.98. The company’s 50-day moving average price is $244.12 and its two-hundred day moving average price is $214.57.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 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 for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the prior year, the firm earned $2.39 earnings per share. Applied Industrial Technologies’s revenue was up .3% compared to the same quarter last year. As a group, research analysts forecast that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a $0.37 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.54%. Applied Industrial Technologies’s payout ratio is 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.