Geode Capital Management LLC Increases Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Geode Capital Management LLC raised its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 4.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,040,389 shares of the industrial products company's stock after buying an additional 40,689 shares during the period. Geode Capital Management LLC owned about 2.71% of Applied Industrial Technologies worth $232,181,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AIT. Headlands Technologies LLC bought a new stake in Applied Industrial Technologies during the 2nd quarter valued at approximately $26,000. V Square Quantitative Management LLC purchased a new stake in Applied Industrial Technologies during the 3rd quarter valued at approximately $34,000. First Horizon Advisors Inc. raised its position in shares of Applied Industrial Technologies by 106.0% during the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company's stock valued at $38,000 after buying an additional 88 shares during the last quarter. Quarry LP purchased a new position in shares of Applied Industrial Technologies in the second quarter worth $39,000. Finally, UMB Bank n.a. boosted its position in shares of Applied Industrial Technologies by 68.1% during the third quarter. UMB Bank n.a. now owns 190 shares of the industrial products company's stock worth $42,000 after acquiring an additional 77 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, VP Warren E. Hoffner III sold 4,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 27th. The stock was 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. This trade represents a 6.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mary Dean Hall sold 2,200 shares of the company'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 directly owns 3,462 shares of the company's stock, valued at approximately $952,326.96. This represents a 38.86 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.67% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Mizuho initiated coverage on shares of Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an "outperform" rating and a $285.00 price target on the stock. Robert W. Baird upped their target price on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. Loop Capital boosted their price objective 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. Bank of America upgraded Applied Industrial Technologies from a "neutral" rating to a "buy" rating and upped their price objective for the company from $285.00 to $315.00 in a research report on Tuesday, November 26th. Finally, Raymond James lifted their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an "outperform" rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $285.71.

Applied Industrial Technologies Stock Down 2.2 %

AIT traded down $5.93 during trading on Friday, hitting $262.07. The stock had a trading volume of 309,753 shares, compared to its average volume of 283,830. The stock has a 50 day simple moving average of $253.09 and a two-hundred day simple moving average of $219.12. The company has a market capitalization of $10.08 billion, a PE ratio of 26.74, a PEG ratio of 3.71 and a beta of 1.05. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. Applied Industrial Technologies, Inc. has a twelve month low of $163.50 and a twelve month high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business's quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.39 earnings per share. On average, research analysts predict that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date of this dividend was Friday, November 15th. Applied Industrial Technologies's payout ratio is presently 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.