Charles Schwab Investment Management Inc. Grows Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Charles Schwab Investment Management Inc. lifted its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 0.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 569,317 shares of the industrial products company’s stock after acquiring an additional 3,887 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Applied Industrial Technologies were worth $127,032,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new position in Applied Industrial Technologies during the third quarter valued at $1,776,000. EULAV Asset Management increased its stake in shares of Applied Industrial Technologies by 94.4% in the 3rd quarter. EULAV Asset Management now owns 45,300 shares of the industrial products company’s stock worth $10,108,000 after acquiring an additional 22,000 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Applied Industrial Technologies by 106.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 88 shares during the period. Advisors Asset Management Inc. boosted its stake in Applied Industrial Technologies by 14.2% during the third quarter. Advisors Asset Management Inc. now owns 13,704 shares of the industrial products company’s stock worth $3,058,000 after acquiring an additional 1,706 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Applied Industrial Technologies by 3.1% during the third quarter. PNC Financial Services Group Inc. now owns 14,533 shares of the industrial products company’s stock worth $3,243,000 after acquiring an additional 436 shares in the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction on Friday, August 30th. The stock was 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 represents a 20.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.67% of the company’s stock.

Applied Industrial Technologies Trading Up 0.5 %

Shares of AIT stock opened at $278.57 on Tuesday. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies, Inc. has a 12-month low of $155.47 and a 12-month high of $282.32. The stock has a market capitalization of $10.71 billion, a P/E ratio of 28.43, a P/E/G ratio of 3.80 and a beta of 1.03. The firm’s 50 day moving average is $237.10 and its 200 day moving average is $211.23.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The firm had revenue of $1.10 billion for 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 revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the business posted $2.39 EPS. Research analysts expect 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 declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 0.53%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s payout ratio is currently 15.10%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports 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. Bank of America raised their price target on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Oppenheimer upped their price target on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. KeyCorp raised their price objective on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Robert W. Baird upped their target price on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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.