Applied Industrial Technologies, Inc. (NYSE:AIT) Position Boosted by Eventide Asset Management LLC

Eventide Asset Management LLC boosted its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 6.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 85,923 shares of the industrial products company's stock after purchasing an additional 5,430 shares during the period. Eventide Asset Management LLC owned approximately 0.22% of Applied Industrial Technologies worth $19,172,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AIT. Boston Trust Walden Corp grew its stake in shares of Applied Industrial Technologies by 1.2% during 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 acquiring an additional 7,720 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Applied Industrial Technologies by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,317 shares of the industrial products company's stock worth $127,032,000 after purchasing an additional 3,887 shares during the last quarter. Dundas Partners LLP acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at approximately $46,805,000. Handelsbanken Fonder AB boosted its stake 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 valued at $49,495,000 after buying an additional 49,500 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Applied Industrial Technologies by 18.2% during the second quarter. Victory Capital Management Inc. now owns 204,430 shares of the industrial products company's stock worth $39,659,000 after buying an additional 31,514 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on AIT shares. Bank of America upgraded shares of Applied Industrial Technologies from a "neutral" rating to a "buy" rating and increased their price objective for the company from $285.00 to $315.00 in a research note on Tuesday. Robert W. Baird increased their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Loop Capital lifted their price target on Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a "buy" rating in a research note on Monday, October 28th. Raymond James upped their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an "outperform" rating in a research note on Friday, October 25th. Finally, StockNews.com upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Applied Industrial Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $278.57.

Applied Industrial Technologies Stock Performance

AIT stock traded up $0.82 during midday trading on Friday, reaching $274.72. The company had a trading volume of 205,258 shares, compared to its average volume of 286,128. The firm has a market capitalization of $10.56 billion, a PE ratio of 28.03, a P/E/G ratio of 3.76 and a beta of 1.03. The stock has a 50 day moving average price of $243.16 and a 200 day moving average price of $213.93. Applied Industrial Technologies, Inc. has a fifty-two week low of $156.50 and a fifty-two week high of $282.98. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33.

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

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a dividend of $0.37 per share. The ex-dividend date was Friday, November 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.54%. Applied Industrial Technologies's dividend payout ratio is currently 15.10%.

About Applied Industrial Technologies

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.