Lazard Asset Management LLC Has $1.32 Million Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Lazard Asset Management LLC increased its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AITGet Rating) by 4,481.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,743 shares of the industrial products company’s stock after buying an additional 13,443 shares during the period. Lazard Asset Management LLC’s holdings in Applied Industrial Technologies were worth $1,320,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Applied Industrial Technologies by 7.0% during the 1st quarter. BlackRock Inc. now owns 7,001,286 shares of the industrial products company’s stock worth $718,751,000 after purchasing an additional 459,302 shares during the last quarter. Loomis Sayles & Co. L P raised its holdings in Applied Industrial Technologies by 280.0% during the 2nd quarter. Loomis Sayles & Co. L P now owns 316,003 shares of the industrial products company’s stock worth $30,390,000 after purchasing an additional 232,844 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Applied Industrial Technologies by 9.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,566,028 shares of the industrial products company’s stock worth $150,605,000 after purchasing an additional 130,555 shares during the last quarter. Lisanti Capital Growth LLC bought a new position in Applied Industrial Technologies during the 2nd quarter worth approximately $12,485,000. Finally, Assenagon Asset Management S.A. raised its holdings in Applied Industrial Technologies by 364.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 101,671 shares of the industrial products company’s stock worth $9,778,000 after purchasing an additional 79,801 shares during the last quarter. 93.10% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $128.83 on Friday. The company has a fifty day simple moving average of $113.39 and a 200 day simple moving average of $105.76. Applied Industrial Technologies, Inc. has a 12-month low of $88.09 and a 12-month high of $131.06. The company has a current ratio of 3.08, a quick ratio of 2.00 and a debt-to-equity ratio of 0.53. The company has a market cap of $4.97 billion, a P/E ratio of 17.89 and a beta of 1.19.

Applied Industrial Technologies (NYSE:AITGet Rating) last posted its quarterly earnings results on Thursday, October 27th. The industrial products company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.34. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $988.51 million. Applied Industrial Technologies had a net margin of 7.07% and a return on equity of 25.06%. Applied Industrial Technologies’s revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.36 EPS. Sell-side analysts predict that Applied Industrial Technologies, Inc. will post 7.52 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Tuesday, November 15th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Monday, November 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 18.89%.

Wall Street Analyst Weigh In

AIT has been the subject of several research analyst reports. StockNews.com initiated coverage on shares of Applied Industrial Technologies in a research note on Wednesday, October 12th. They issued a “buy” rating for the company. KeyCorp lifted their price objective on shares of Applied Industrial Technologies from $130.00 to $138.00 and gave the company an “overweight” rating in a research note on Friday, October 28th. Finally, Robert W. Baird lowered shares of Applied Industrial Technologies from an “outperform” rating to a “neutral” rating and lifted their price objective for the company from $115.00 to $129.00 in a research note on Friday, August 12th.

Insider Buying and Selling

In related news, VP Kurt W. Loring sold 7,146 shares of the business’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $112.66, for a total value of $805,068.36. Following the transaction, the vice president now directly owns 24,632 shares of the company’s stock, valued at approximately $2,775,041.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.20% of the stock is owned by insiders.

Applied Industrial Technologies Profile

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Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates through two segments, Service Center Based Distribution, and Fluid Power & Flow Control. 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.

See Also

Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

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