Assetmark Inc. Makes New $904,000 Investment in Applied Industrial Technologies, Inc. (NYSE:AIT)

Assetmark Inc. acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 4,051 shares of the industrial products company's stock, valued at approximately $904,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Boston Trust Walden Corp lifted its holdings in shares of Applied Industrial Technologies by 1.2% in the second quarter. Boston Trust Walden Corp now owns 630,915 shares of the industrial products company's stock valued at $122,398,000 after purchasing an additional 7,720 shares in the last quarter. Dundas Partners LLP bought a new position in Applied Industrial Technologies in the 2nd quarter worth $46,805,000. Handelsbanken Fonder AB lifted its position in shares of Applied Industrial Technologies by 28.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 221,823 shares of the industrial products company's stock worth $49,495,000 after purchasing an additional 49,500 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Applied Industrial Technologies by 18.2% in the second quarter. Victory Capital Management Inc. now owns 204,430 shares of the industrial products company's stock valued at $39,659,000 after acquiring an additional 31,514 shares during the period. Finally, New York State Common Retirement Fund boosted its holdings in Applied Industrial Technologies by 65.6% in 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 period. Institutional investors and hedge funds own 93.52% of the company's stock.

Insider Transactions at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 4,858 shares of the firm's stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the transaction, the vice president now directly owns 19,315 shares of the company's stock, valued at approximately $3,922,876.50. This trade represents a 20.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Neil A. Schrimsher sold 3,703 shares of the firm's stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the transaction, the chief executive officer now directly owns 205,708 shares in the company, valued at $41,602,385.92. This trade represents a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,927 shares of company stock valued at $2,439,116 over the last three months. Company insiders own 1.67% of the company's stock.

Analyst Upgrades and Downgrades

AIT has been the topic of a number of analyst reports. Oppenheimer upped their price target on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an "outperform" rating in a research report on Thursday. Mizuho began coverage on Applied Industrial Technologies in a research report on Tuesday, October 22nd. They issued an "outperform" rating and a $285.00 price objective on the stock. KeyCorp boosted their price target on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Bank of America increased their target price on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a "neutral" rating in a research note on Friday, October 25th. Finally, Loop Capital upped their price objective on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a "buy" rating in a research report on Monday, October 28th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $267.86.

Applied Industrial Technologies Trading Down 1.4 %

Shares of AIT stock traded down $3.83 during trading hours on Friday, hitting $266.73. 182,504 shares of the company were exchanged, compared to its average volume of 286,770. Applied Industrial Technologies, Inc. has a fifty-two week low of $155.47 and a fifty-two week high of $276.97. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. The firm has a market cap of $10.25 billion, a P/E ratio of 27.22, a P/E/G ratio of 3.73 and a beta of 1.03. The company has a 50 day simple moving average of $230.16 and a two-hundred day simple moving average of $208.06.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating analysts' consensus estimates of $2.25 by $0.11. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The company's revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the company earned $2.39 earnings per share. Equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.74 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend is Friday, November 15th. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 15.10%.

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.