Franklin Resources Inc. Raises Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Franklin Resources Inc. boosted its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 14.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 233,655 shares of the industrial products company's stock after acquiring an additional 29,288 shares during the quarter. Franklin Resources Inc. owned 0.61% of Applied Industrial Technologies worth $53,238,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Zurich Insurance Group Ltd FI purchased a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at about $84,139,000. Dundas Partners LLP purchased a new position in shares of Applied Industrial Technologies during the second quarter worth approximately $46,805,000. Westfield Capital Management Co. LP bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter worth approximately $32,233,000. Fiera Capital Corp boosted its stake in shares of Applied Industrial Technologies by 456.3% in the 3rd quarter. Fiera Capital Corp now owns 130,895 shares of the industrial products company's stock valued at $29,207,000 after purchasing an additional 107,365 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Applied Industrial Technologies in the 3rd quarter worth $213,590,000. Hedge funds and other institutional investors own 93.52% of the company's stock.

Insider Transactions at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 4,000 shares of the company's stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total value of $1,126,560.00. Following the transaction, the vice president now owns 55,709 shares in the company, valued at $15,689,882.76. The trade was a 6.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mary Dean Hall sold 2,200 shares of the firm's stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total transaction of $605,176.00. Following the sale, the director now owns 3,462 shares of the company's stock, valued at approximately $952,326.96. This represents a 38.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. StockNews.com upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Robert W. Baird raised their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Bank of America raised Applied Industrial Technologies from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $285.00 to $315.00 in a research note on Tuesday, November 26th. Mizuho started coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an "outperform" rating and a $285.00 price objective for the company. Finally, Loop Capital lifted their target price 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. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Applied Industrial Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $285.71.

Applied Industrial Technologies Trading Down 3.9 %

NYSE:AIT traded down $9.83 during trading hours on Wednesday, hitting $244.46. The company had a trading volume of 388,484 shares, compared to its average volume of 285,727. 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, Inc. has a 52 week low of $163.50 and a 52 week high of $282.98. The company has a market capitalization of $9.40 billion, a PE ratio of 24.94, a price-to-earnings-growth ratio of 3.71 and a beta of 1.05. The stock has a 50-day moving average price of $254.52 and a 200 day moving average price of $220.24.

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, beating the consensus estimate of $2.25 by $0.11. The company had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. Applied Industrial Technologies's quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.39 earnings per share. On average, equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date of this dividend was 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.