First Horizon Advisors Inc. Boosts Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

First Horizon Advisors Inc. grew its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 106.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 171 shares of the industrial products company’s stock after buying an additional 88 shares during the quarter. First Horizon Advisors Inc.’s holdings in Applied Industrial Technologies were worth $38,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EntryPoint Capital LLC bought a new position in Applied Industrial Technologies during the 1st quarter valued at $25,000. Headlands Technologies LLC acquired a new position in Applied Industrial Technologies in the second quarter worth about $26,000. Opal Wealth Advisors LLC acquired a new position in Applied Industrial Technologies in the second quarter worth about $32,000. V Square Quantitative Management LLC acquired a new stake in Applied Industrial Technologies during the third quarter valued at approximately $34,000. Finally, Quarry LP bought a new position in Applied Industrial Technologies during the 2nd quarter worth approximately $39,000. Institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Trading Up 0.5 %

Applied Industrial Technologies stock opened at $278.57 on Tuesday. The company has a 50 day moving average price of $237.10 and a 200 day moving average price of $211.23. 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, Inc. has a 52 week low of $155.47 and a 52 week high of $282.32. The firm has a market capitalization 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.

Applied Industrial Technologies (NYSE:AIT) last issued 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 business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. Applied Industrial Technologies’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.39 earnings per share. Research analysts forecast that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a $0.37 dividend. 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 (DPR) is 15.10%.

Insider Buying and Selling

In related news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction 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 sale, the vice president now directly owns 19,315 shares in the company, valued at approximately $3,922,876.50. This trade represents a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.67% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on AIT shares. Robert W. Baird boosted their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Mizuho initiated coverage on shares of Applied Industrial Technologies in a report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 target price on the stock. Oppenheimer boosted their price objective 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 raised their target price on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Finally, StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two equities research 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 presently has a consensus rating of “Moderate Buy” and an average target price of $267.86.

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.