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

Pathstone Holdings LLC raised its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 1.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,069 shares of the industrial products company’s stock after buying an additional 190 shares during the period. Pathstone Holdings LLC’s holdings in Applied Industrial Technologies were worth $2,470,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of AIT. Quadrature Capital Ltd acquired a new stake in Applied Industrial Technologies in the first quarter valued at approximately $593,000. Sanctuary Advisors LLC acquired a new stake in shares of Applied Industrial Technologies in the 2nd quarter valued at $1,279,000. Janney Montgomery Scott LLC boosted its holdings in Applied Industrial Technologies by 126.0% in the third quarter. Janney Montgomery Scott LLC now owns 4,396 shares of the industrial products company’s stock worth $981,000 after purchasing an additional 2,451 shares in the last quarter. Dana Investment Advisors Inc. increased its position in Applied Industrial Technologies by 0.7% during the second quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock worth $1,928,000 after buying an additional 65 shares during the last quarter. Finally, SG Capital Management LLC bought a new position in Applied Industrial Technologies during the first quarter valued at about $4,775,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $278.57 on Tuesday. The firm’s 50-day moving average is $237.10 and its 200-day moving average is $211.23. The company has a market cap of $10.71 billion, a price-to-earnings ratio of 28.28, a PEG ratio of 3.80 and a beta of 1.03. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. Applied Industrial Technologies, Inc. has a 52-week low of $155.47 and a 52-week high of $282.32.

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, topping analysts’ consensus estimates of $2.25 by $0.11. The company 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 company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the company earned $2.39 EPS. Equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

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 issued 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 of this dividend is Friday, November 15th. Applied Industrial Technologies’s payout ratio is 15.10%.

Wall Street Analyst Weigh In

AIT has been the subject of several recent analyst reports. KeyCorp upped their price target on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Mizuho initiated coverage on Applied Industrial Technologies in a report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price target on the stock. Bank of America boosted their price objective 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. Loop Capital raised their target price on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $267.86.

Insider Activity

In related news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction dated 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. This represents a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.67% of the stock is owned by company insiders.

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.