Ballentine Partners LLC Has $248,000 Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Ballentine Partners LLC grew its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 7.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,111 shares of the industrial products company’s stock after buying an additional 74 shares during the quarter. Ballentine Partners LLC’s holdings in Applied Industrial Technologies were worth $248,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in AIT. EntryPoint Capital LLC acquired a new position in shares of Applied Industrial Technologies during the first quarter valued at about $25,000. Headlands Technologies LLC acquired a new position in shares of Applied Industrial Technologies during the second quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Applied Industrial Technologies during the second quarter valued at about $32,000. V Square Quantitative Management LLC acquired a new position in shares of Applied Industrial Technologies during the third quarter valued at about $34,000. Finally, Quarry LP purchased a new position in Applied Industrial Technologies during the second quarter worth about $39,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $235.40 on Wednesday. The company’s 50 day moving average is $215.47 and its 200-day moving average is $201.53. Applied Industrial Technologies, Inc. has a 12-month low of $149.59 and a 12-month high of $240.45. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34. The firm has a market cap of $9.09 billion, a P/E ratio of 24.68, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. Applied Industrial Technologies’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.39 EPS. Sell-side analysts predict that Applied Industrial Technologies, Inc. will post 9.69 earnings per share for the current 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 issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.51%.

Insider Buying and Selling

In related news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction that occurred 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 owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $203.10, for a total value of $986,659.80. Following the completion of the transaction, the vice president now owns 19,315 shares of the company’s stock, valued at $3,922,876.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Kurt W. Loring sold 3,366 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,927 shares of company stock valued at $2,439,116. Company insiders own 2.20% of the company’s stock.

Analyst Upgrades and Downgrades

AIT has been the topic of several analyst reports. Loop Capital boosted their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a report on Monday. Robert W. Baird boosted their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Mizuho initiated coverage on shares of Applied Industrial Technologies in a report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price target on the stock. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, KeyCorp boosted their price target 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. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Applied Industrial Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $261.43.

About Applied Industrial Technologies

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.