Bank of New York Mellon Corp lifted its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) by 2.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 505,113 shares of the industrial products company's stock after acquiring an additional 9,995 shares during the period. Bank of New York Mellon Corp owned 1.31% of Applied Industrial Technologies worth $51,915,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Bayesian Capital Management LP acquired a new stake in shares of Applied Industrial Technologies during the 3rd quarter worth about $389,000. Macquarie Group Ltd. increased its position in Applied Industrial Technologies by 1.6% during the third quarter. Macquarie Group Ltd. now owns 900,360 shares of the industrial products company's stock worth $92,601,000 after buying an additional 13,748 shares during the period. Zacks Investment Management increased its position in Applied Industrial Technologies by 370.0% during the third quarter. Zacks Investment Management now owns 27,479 shares of the industrial products company's stock worth $2,824,000 after buying an additional 21,633 shares during the period. Tudor Investment Corp Et Al increased its position in Applied Industrial Technologies by 43.8% during the third quarter. Tudor Investment Corp Et Al now owns 7,794 shares of the industrial products company's stock worth $801,000 after buying an additional 2,375 shares during the period. Finally, Point72 Hong Kong Ltd increased its position in Applied Industrial Technologies by 33.2% during the third quarter. Point72 Hong Kong Ltd now owns 2,263 shares of the industrial products company's stock worth $233,000 after buying an additional 564 shares during the period. Institutional investors and hedge funds own 92.02% of the company's stock.
Get Applied Industrial Technologies alerts:Insider Buying and Selling
In related news, CEO Neil A. Schrimsher sold 21,526 shares of Applied Industrial Technologies stock in a transaction on Monday, March 6th. The stock was sold at an average price of $145.06, for a total transaction of $3,122,561.56. Following the completion of the transaction, the chief executive officer now directly owns 318,218 shares of the company's stock, valued at $46,160,703.08. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Neil A. Schrimsher sold 4,186 shares of the business's stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $145.00, for a total value of $606,970.00. Following the completion of the transaction, the chief executive officer now directly owns 339,744 shares of the company's stock, valued at $49,262,880. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Neil A. Schrimsher sold 21,526 shares of the business's stock in a transaction on Monday, March 6th. The stock was sold at an average price of $145.06, for a total value of $3,122,561.56. Following the completion of the transaction, the chief executive officer now directly owns 318,218 shares of the company's stock, valued at $46,160,703.08. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
Several research analysts have commented on the company. StockNews.com lowered Applied Industrial Technologies from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, February 1st. KeyCorp lifted their price target on Applied Industrial Technologies from $138.00 to $162.00 and gave the company an "overweight" rating in a research note on Friday, January 27th. Loop Capital lifted their price target on Applied Industrial Technologies from $150.00 to $170.00 and gave the company a "buy" rating in a research note on Friday, January 27th. Finally, Robert W. Baird lifted their price target on Applied Industrial Technologies from $138.00 to $160.00 and gave the company a "neutral" rating in a research note on Tuesday, January 24th.
Applied Industrial Technologies Stock Down 2.3 %
Applied Industrial Technologies stock opened at $138.80 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.18 and a quick ratio of 2.01. Applied Industrial Technologies, Inc. has a 1-year low of $88.09 and a 1-year high of $149.42. The company has a market cap of $5.36 billion, a PE ratio of 17.82 and a beta of 1.19. The stock's 50 day moving average price is $135.38 and its 200 day moving average price is $123.65.
Applied Industrial Technologies (NYSE:AIT – Get Rating) last issued its quarterly earnings data on Thursday, January 26th. The industrial products company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.34. The firm had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $996.44 million. Applied Industrial Technologies had a return on equity of 25.58% and a net margin of 7.32%. Applied Industrial Technologies's revenue was up 22.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 earnings per share. On average, sell-side analysts predict that Applied Industrial Technologies, Inc. will post 8.34 EPS for the current fiscal year.
Applied Industrial Technologies Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Wednesday, February 15th were issued a dividend of $0.35 per share. The ex-dividend date was Tuesday, February 14th. This is a boost from Applied Industrial Technologies's previous quarterly dividend of $0.34. This represents a $1.40 annualized dividend and a yield of 1.01%. Applied Industrial Technologies's payout ratio is currently 17.97%.
Applied Industrial Technologies Profile
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Applied Industrial Technologies, Inc engages in the manufacture and distribution of industrial parts and products. It operates through the Service Center Based Distribution, and Fluid Power & Flow Control Business segments. The Service Center-Based Distribution segment provides customers with a wide range of industrial products through a network of service centers.
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