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

Eventide Asset Management LLC increased its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 6.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,923 shares of the industrial products company’s stock after buying an additional 5,430 shares during the period. Eventide Asset Management LLC’s holdings in Applied Industrial Technologies were worth $19,172,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of the business. GHP Investment Advisors Inc. increased its position in shares of Applied Industrial Technologies by 3.9% in the third quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock worth $255,000 after acquiring an additional 43 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Applied Industrial Technologies by 0.9% during the second quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company’s stock worth $1,254,000 after purchasing an additional 55 shares during the period. Miller Howard Investments Inc. NY raised its position in Applied Industrial Technologies by 2.4% during 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 in the last quarter. Nisa Investment Advisors LLC raised its position in shares of 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 purchasing an additional 61 shares during the period. Finally, Dana Investment Advisors Inc. increased 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 worth $1,928,000 after acquiring an additional 65 shares during the period. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Down 2.3 %

Shares of NYSE:AIT opened at $273.90 on Friday. The stock has a market capitalization of $10.53 billion, a price-to-earnings ratio of 27.95, a PEG ratio of 3.76 and a beta of 1.03. The stock has a fifty day simple moving average of $242.03 and a two-hundred day simple moving average of $213.24. Applied Industrial Technologies, Inc. has a 12-month low of $155.47 and a 12-month high of $282.98. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results 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 return on equity of 22.68% and a net margin of 8.57%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the company posted $2.39 earnings per share. Applied Industrial Technologies’s revenue for the quarter was up .3% on a year-over-year basis. On average, research 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 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 is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.54%. Applied Industrial Technologies’s dividend payout ratio is currently 15.10%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AIT. Robert W. Baird upped their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Mizuho started coverage on Applied Industrial Technologies in a report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 target price for the company. Raymond James lifted their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. StockNews.com raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, KeyCorp upped their price target on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Applied Industrial Technologies has an average rating of “Moderate Buy” and an average price target of $278.57.

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.