Oppenheimer Asset Management Inc. Acquires 1,069 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Oppenheimer Asset Management Inc. increased its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 85.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,318 shares of the industrial products company’s stock after purchasing an additional 1,069 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Applied Industrial Technologies were worth $517,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AIT. GHP Investment Advisors Inc. lifted its position in shares of Applied Industrial Technologies by 3.9% during the 3rd quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock worth $255,000 after buying an additional 43 shares during the period. QRG Capital Management Inc. boosted its stake in shares of Applied Industrial Technologies by 0.9% in the 2nd quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company’s stock valued at $1,254,000 after purchasing an additional 55 shares in the last quarter. Miller Howard Investments Inc. NY grew its holdings in shares of Applied Industrial Technologies by 2.4% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock worth $446,000 after purchasing an additional 55 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Applied Industrial Technologies by 0.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock worth $3,374,000 after purchasing an additional 61 shares in the last quarter. Finally, Dana Investment Advisors Inc. lifted its holdings in Applied Industrial Technologies by 0.7% during the 2nd 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. Institutional investors own 93.52% of the company’s stock.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.67% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on AIT shares. Raymond James raised their price objective on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. KeyCorp raised their price target on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, October 25th. StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Mizuho initiated coverage on shares of Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 target price for the company. Finally, Robert W. Baird boosted their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Applied Industrial Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $267.86.

Applied Industrial Technologies Stock Performance

AIT stock opened at $266.28 on Wednesday. Applied Industrial Technologies, Inc. has a 1-year low of $155.47 and a 1-year high of $276.97. 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 firm has a market cap of $10.24 billion, a PE ratio of 27.17, a P/E/G ratio of 3.66 and a beta of 1.03. The business’s 50-day moving average price is $231.56 and its two-hundred day moving average price is $209.01.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, topping the consensus estimate 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 net margin of 8.57% and a return on equity of 22.68%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the company posted $2.39 EPS. As a group, research analysts forecast that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued 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 dividend yield of 0.56%. Applied Industrial Technologies’s dividend payout ratio (DPR) is 15.10%.

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.