Applied Industrial Technologies, Inc. (NYSE:AIT) Stake Boosted by Geode Capital Management LLC

Geode Capital Management LLC raised its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 4.1% in the 3rd quarter, Holdings Channel reports. The firm owned 1,040,389 shares of the industrial products company’s stock after purchasing an additional 40,689 shares during the quarter. Geode Capital Management LLC’s holdings in Applied Industrial Technologies were worth $232,181,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. GHP Investment Advisors Inc. boosted its holdings in shares of Applied Industrial Technologies by 3.9% in the 3rd quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock valued at $255,000 after buying an additional 43 shares during the period. Miller Howard Investments Inc. NY boosted its stake in Applied Industrial Technologies by 2.4% in the second quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock valued at $446,000 after acquiring an additional 55 shares during the period. Nisa Investment Advisors LLC boosted its stake in Applied Industrial Technologies by 0.4% in the second quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock valued at $3,374,000 after acquiring an additional 61 shares during the period. Dana Investment Advisors Inc. grew its holdings in shares of 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 valued at $1,928,000 after purchasing an additional 65 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Applied Industrial Technologies by 3.2% during the 2nd quarter. Fifth Third Bancorp now owns 2,158 shares of the industrial products company’s stock worth $419,000 after purchasing an additional 66 shares during the period. 93.52% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total value of $1,126,560.00. Following the sale, the vice president now directly owns 55,709 shares in the company, valued at $15,689,882.76. The trade was a 6.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mary Dean Hall sold 2,200 shares of Applied Industrial Technologies stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total transaction of $605,176.00. Following the completion of the transaction, the director now owns 3,462 shares in the company, valued at approximately $952,326.96. This trade represents a 38.86 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.67% of the company’s stock.

Analysts Set New Price Targets

AIT has been the subject of a number of analyst reports. Oppenheimer boosted their price objective on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Raymond James boosted their price target on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, October 25th. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Robert W. Baird boosted their target price on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Loop Capital raised their price target 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. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $285.71.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $262.07 on Friday. Applied Industrial Technologies, Inc. has a 52-week low of $163.50 and a 52-week high of $282.98. The firm has a market capitalization of $10.08 billion, a PE ratio of 26.74, a P/E/G ratio of 3.71 and a beta of 1.05. The firm has a 50-day moving average price of $253.09 and a 200 day moving average price of $219.12. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33.

Applied Industrial Technologies (NYSE:AIT) last posted 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. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period last year, the firm posted $2.39 earnings per share. The business’s revenue was up .3% on a year-over-year basis. On average, sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date was Friday, November 15th. 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.