Picton Mahoney Asset Management Acquires Shares of 853 Applied Industrial Technologies, Inc. (NYSE:AIT)

Picton Mahoney Asset Management bought a new position in Applied Industrial Technologies, Inc. (NYSE:AIT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 853 shares of the industrial products company’s stock, valued at approximately $166,000.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Applied Industrial Technologies by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 5,072,162 shares of the industrial products company’s stock worth $875,912,000 after purchasing an additional 14,858 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Applied Industrial Technologies by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 947,207 shares of the industrial products company’s stock worth $163,575,000 after acquiring an additional 21,276 shares in the last quarter. Boston Trust Walden Corp lifted its position in Applied Industrial Technologies by 1.2% during the 2nd quarter. Boston Trust Walden Corp now owns 630,915 shares of the industrial products company’s stock valued at $122,398,000 after acquiring an additional 7,720 shares during the period. Capital Research Global Investors boosted its stake in Applied Industrial Technologies by 978.3% during the fourth quarter. Capital Research Global Investors now owns 559,649 shares of the industrial products company’s stock worth $96,646,000 after acquiring an additional 507,750 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Applied Industrial Technologies by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 559,037 shares of the industrial products company’s stock worth $96,540,000 after purchasing an additional 11,092 shares during the period. Institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Price Performance

NYSE AIT opened at $205.12 on Monday. Applied Industrial Technologies, Inc. has a one year low of $149.59 and a one year high of $223.15. The stock has a 50-day moving average of $199.95 and a 200 day moving average of $193.78. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.56 and a current ratio of 3.53. The company has a market capitalization of $7.92 billion, a price-to-earnings ratio of 21.50, a PEG ratio of 2.13 and a beta of 1.06.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.12. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.19 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The business’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the business posted $2.35 earnings per share. On average, sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 9.65 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were paid a $0.37 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.72%. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 15.51%.

Wall Street Analysts Forecast Growth

AIT has been the subject of several recent research reports. Loop Capital lifted their target price on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a report on Friday, August 16th. Robert W. Baird boosted their target price on Applied Industrial Technologies from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Thursday. Northcoast Research began coverage on Applied Industrial Technologies in a report on Monday, July 1st. They set a “neutral” rating for the company. KeyCorp upped their price target on shares of Applied Industrial Technologies from $210.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, August 16th. Finally, StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, August 24th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $222.50.

Insider Buying and Selling

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the transaction, the vice president now owns 19,315 shares of the company’s stock, valued at $4,037,221.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $4,037,221.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction on Monday, August 19th. The stock was sold at an average price of $202.24, for a total transaction of $748,894.72. Following the transaction, the chief executive officer now owns 205,708 shares in the company, valued at approximately $41,602,385.92. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.

Applied Industrial Technologies Company 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.