Advisors Asset Management Inc. Boosts Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

24 Nov 2024, 10:28 by Danessa Lincoln · The Markets Daily

Advisors Asset Management Inc. grew its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT – Free Report) by 14.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,704 shares of the industrial products company’s stock after purchasing an additional 1,706 shares during the period. Advisors Asset Management Inc.’s holdings in Applied Industrial Technologies were worth $3,058,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Dundas Partners LLP bought a new stake in Applied Industrial Technologies during the 2nd quarter valued at about $46,805,000. Fiera Capital Corp increased its position in shares of Applied Industrial Technologies by 456.3% during the third quarter. Fiera Capital Corp now owns 130,895 shares of the industrial products company’s stock valued at $29,207,000 after acquiring an additional 107,365 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Applied Industrial Technologies in the 3rd quarter worth approximately $213,590,000. F M Investments LLC bought a new position in Applied Industrial Technologies in the 2nd quarter valued at approximately $15,690,000. Finally, New York State Common Retirement Fund boosted its stake in Applied Industrial Technologies by 65.6% during the 3rd quarter. New York State Common Retirement Fund now owns 144,621 shares of the industrial products company’s stock valued at $32,269,000 after purchasing an additional 57,283 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Wall Street Analyst Weigh In

AIT has been the subject of a number of research analyst reports. Loop Capital lifted their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Mizuho started coverage on shares of Applied Industrial Technologies in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 target price for the company. Bank of America increased their price target on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Raymond James lifted their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, Robert W. Baird increased their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $267.86.

View Our Latest Analysis on Applied Industrial Technologies

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $277.11 on Friday. The stock has a market cap of $10.65 billion, a price-to-earnings ratio of 28.28, a price-to-earnings-growth ratio of 3.69 and a beta of 1.03. The firm has a 50-day moving average of $237.10 and a two-hundred day moving average of $210.98. Applied Industrial Technologies, Inc. has a 1 year low of $155.47 and a 1 year high of $277.63. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.78 and a quick ratio of 2.74.

Applied Industrial Technologies (NYSE:AIT – Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.08 billion. The business’s revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.39 EPS. On average, research analysts forecast that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The firm 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 dividend of $0.37 per share. 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 payout ratio is presently 15.10%.

Insiders Place Their Bets

In other news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $203.10, for a total value of $986,659.80. Following the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This represents a 20.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.67% of the company’s stock.

Applied Industrial Technologies Company Profile

(Free Report)

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.