Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Bought by EULAV Asset Management

EULAV Asset Management grew its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 94.4% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 45,300 shares of the industrial products company’s stock after buying an additional 22,000 shares during the period. EULAV Asset Management’s holdings in Applied Industrial Technologies were worth $10,108,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Boston Trust Walden Corp raised its stake in shares of Applied Industrial Technologies by 1.2% during the 2nd quarter. Boston Trust Walden Corp now owns 630,915 shares of the industrial products company’s stock worth $122,398,000 after buying an additional 7,720 shares in the last quarter. Dundas Partners LLP purchased a new position in Applied Industrial Technologies in the 2nd quarter valued at about $46,805,000. Handelsbanken Fonder AB grew its stake in Applied Industrial Technologies by 28.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 221,823 shares of the industrial products company’s stock worth $49,495,000 after acquiring an additional 49,500 shares during the period. Victory Capital Management Inc. grew its holdings in Applied Industrial Technologies by 18.2% in the 2nd quarter. Victory Capital Management Inc. now owns 204,430 shares of the industrial products company’s stock valued at $39,659,000 after buying an additional 31,514 shares during the period. Finally, New York State Common Retirement Fund grew its holdings in Applied Industrial Technologies by 65.6% in the third quarter. New York State Common Retirement Fund now owns 144,621 shares of the industrial products company’s stock valued at $32,269,000 after purchasing an additional 57,283 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Raymond James lifted their price target on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Bank of America upped their target price on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Loop Capital upped 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, Oppenheimer raised their price objective on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $267.86.

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 3,366 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. The trade was a 14.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.67% of the stock is owned by corporate insiders.

Applied Industrial Technologies Stock Performance

AIT opened at $266.28 on Wednesday. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average is $231.56 and its 200-day moving average is $209.01. The stock has a market cap of $10.24 billion, a PE ratio of 27.17, a price-to-earnings-growth ratio of 3.66 and a beta of 1.03. Applied Industrial Technologies, Inc. has a twelve month low of $155.47 and a twelve month high of $276.97.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the previous year, the business earned $2.39 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. On average, analysts predict that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.37 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.56%. Applied Industrial Technologies’s dividend payout ratio is presently 15.10%.

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.