Applied Industrial Technologies, Inc. (NYSE:AIT) Stake Raised by Raymond James & Associates

Raymond James & Associates grew its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) by 4.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 16,290 shares of the industrial products company’s stock after purchasing an additional 732 shares during the quarter. Raymond James & Associates’ holdings in Applied Industrial Technologies were worth $1,674,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. BlackRock Inc. raised its holdings in shares of Applied Industrial Technologies by 7.0% during the first quarter. BlackRock Inc. now owns 7,001,286 shares of the industrial products company’s stock valued at $718,751,000 after buying an additional 459,302 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Applied Industrial Technologies by 0.8% during the first quarter. Vanguard Group Inc. now owns 4,632,164 shares of the industrial products company’s stock valued at $475,538,000 after acquiring an additional 37,140 shares during the period. Victory Capital Management Inc. increased its stake in shares of Applied Industrial Technologies by 9.1% during the second quarter. Victory Capital Management Inc. now owns 1,566,028 shares of the industrial products company’s stock valued at $150,605,000 after acquiring an additional 130,555 shares during the period. State Street Corp increased its stake in shares of Applied Industrial Technologies by 1.0% during the second quarter. State Street Corp now owns 1,372,961 shares of the industrial products company’s stock valued at $132,038,000 after acquiring an additional 13,131 shares during the period. Finally, FMR LLC increased its stake in shares of Applied Industrial Technologies by 5.2% during the second quarter. FMR LLC now owns 950,164 shares of the industrial products company’s stock valued at $91,377,000 after acquiring an additional 46,943 shares during the period. Institutional investors own 92.02% of the company’s stock.

Applied Industrial Technologies Trading Up 0.2 %

Applied Industrial Technologies stock opened at $122.28 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.00 and a current ratio of 3.08. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of 16.98 and a beta of 1.18. Applied Industrial Technologies, Inc. has a 1 year low of $88.09 and a 1 year high of $133.74. The firm’s 50 day moving average price is $126.37 and its two-hundred day moving average price is $114.67.

Applied Industrial Technologies (NYSE:AIT – Get 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, topping the consensus estimate of $1.64 by $0.33. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $988.51 million. Applied Industrial Technologies had a net margin of 7.07% and a return on equity of 25.06%. The firm’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.36 earnings per share. On average, research analysts predict that Applied Industrial Technologies, Inc. will post 7.52 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 30th. Shareholders of record on Tuesday, November 15th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend was Monday, November 14th. Applied Industrial Technologies’s payout ratio is 18.89%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. KeyCorp raised 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. StockNews.com upgraded shares of Applied Industrial Technologies from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Finally, Robert W. Baird raised their price objective on shares of Applied Industrial Technologies from $137.00 to $138.00 and gave the company a “neutral” rating in a research note on Tuesday.

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.