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

Intech Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 7,959 shares of the industrial products company’s stock, valued at approximately $1,776,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AIT. Quadrature Capital Ltd purchased a new stake in Applied Industrial Technologies during the first quarter valued at approximately $593,000. Sanctuary Advisors LLC purchased a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth $1,279,000. Janney Montgomery Scott LLC raised its holdings in Applied Industrial Technologies by 126.0% in the 3rd 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 during the period. Dana Investment Advisors Inc. lifted 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 valued at $1,928,000 after purchasing an additional 65 shares in the last quarter. Finally, SG Capital Management LLC bought a new stake in Applied Industrial Technologies during the first quarter valued at about $4,775,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on AIT shares. Bank of America raised their price objective on Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Raymond James lifted their target price on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Finally, Mizuho started coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price target for the company. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $267.86.

Insider Activity

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of Applied Industrial Technologies stock in a transaction 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 transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This trade represents a 20.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.67% of the company’s stock.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $278.57 on Tuesday. The firm has a market cap of $10.71 billion, a price-to-earnings ratio of 28.43, a P/E/G ratio of 3.80 and a beta of 1.03. The firm has a fifty day moving average price of $237.10 and a 200 day moving average price of $211.23. Applied Industrial Technologies, Inc. has a fifty-two week low of $155.47 and a fifty-two week 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.

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 for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the business posted $2.39 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts expect 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 will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.53%. Applied Industrial Technologies’s dividend payout ratio (DPR) is 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.