Intech Investment Management LLC Takes $1.78 Million Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Intech Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the 3rd quarter, Holdings Channel reports. The fund purchased 7,959 shares of the industrial products company’s stock, valued at approximately $1,776,000.

A number of other institutional investors also recently bought and sold shares of the stock. EntryPoint Capital LLC bought a new position in Applied Industrial Technologies during the first quarter valued at $25,000. Headlands Technologies LLC purchased a new position in shares of Applied Industrial Technologies during the 2nd quarter worth about $26,000. Opal Wealth Advisors LLC bought a new position in Applied Industrial Technologies during the 2nd quarter valued at about $32,000. V Square Quantitative Management LLC purchased a new stake in Applied Industrial Technologies in the 3rd quarter worth about $34,000. Finally, First Horizon Advisors Inc. lifted its stake in Applied Industrial Technologies by 106.0% in the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 88 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the firm’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 sale, the vice president now directly owns 19,315 shares in the company, valued at $3,922,876.50. This trade represents a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.67% of the stock is owned by corporate insiders.

Applied Industrial Technologies Trading Up 0.5 %

NYSE AIT opened at $278.57 on Tuesday. Applied Industrial Technologies, Inc. has a one year low of $155.47 and a one year high of $282.32. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. The company has a market capitalization of $10.71 billion, a price-to-earnings ratio of 28.43, a price-to-earnings-growth ratio of 3.80 and a beta of 1.03. The company’s 50-day simple moving average is $237.10 and its two-hundred day simple moving average is $211.23.

Applied Industrial Technologies (NYSE:AIT) last issued 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. The company 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 8.57% and a return on equity of 22.68%. Applied Industrial Technologies’s revenue was up .3% compared to the same quarter last year. During the same period last year, the company posted $2.39 earnings per share. Equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed 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. 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 (DPR) is currently 15.10%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AIT shares. KeyCorp upped their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Robert W. Baird increased their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer boosted their target price on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Mizuho began coverage on shares of Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price target on the stock. Finally, Bank of America upped their target price on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average 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.