Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 3.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,533 shares of the industrial products company’s stock after purchasing an additional 436 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Applied Industrial Technologies were worth $3,243,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Boston Trust Walden Corp boosted its position 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 valued at $122,398,000 after acquiring an additional 7,720 shares during the last quarter. Dundas Partners LLP acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at about $46,805,000. Handelsbanken Fonder AB boosted its position in shares of Applied Industrial Technologies by 28.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 221,823 shares of the industrial products company’s stock valued at $49,495,000 after acquiring an additional 49,500 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Applied Industrial Technologies by 18.2% during 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 acquiring an additional 31,514 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its position in shares of Applied Industrial Technologies by 65.6% during the 3rd 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 acquiring an additional 57,283 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Up 2.9 %

Shares of NYSE:AIT opened at $277.11 on Monday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.78 and a quick ratio of 2.74. The firm has a market capitalization of $10.65 billion, a PE ratio of 28.28, a price-to-earnings-growth ratio of 3.69 and a beta of 1.03. The firm’s 50-day moving average is $237.10 and its two-hundred day moving average is $211.10. Applied Industrial Technologies, Inc. has a 1 year low of $155.47 and a 1 year high of $277.63.

Applied Industrial Technologies (NYSE:AIT) last issued 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. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the firm earned $2.39 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. Analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio is presently 15.10%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AIT shares. Oppenheimer boosted their price target on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Bank of America boosted their price objective on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Raymond James boosted their price objective 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. Loop Capital boosted their price objective on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. Finally, KeyCorp boosted their price objective on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $267.86.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.67% of the company’s stock.

About Applied Industrial Technologies

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.