Janney Montgomery Scott LLC Acquires 2,451 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Janney Montgomery Scott LLC boosted its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 126.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,396 shares of the industrial products company's stock after acquiring an additional 2,451 shares during the quarter. Janney Montgomery Scott LLC's holdings in Applied Industrial Technologies were worth $981,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of AIT. EntryPoint Capital LLC acquired a new stake in Applied Industrial Technologies in the 1st quarter valued at $25,000. Headlands Technologies LLC acquired a new stake in shares of Applied Industrial Technologies in the second quarter valued at about $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Applied Industrial Technologies during the 2nd quarter valued at about $32,000. V Square Quantitative Management LLC purchased a new stake in shares of Applied Industrial Technologies during the 3rd quarter valued at about $34,000. Finally, Quarry LP acquired a new position in Applied Industrial Technologies during the 2nd quarter worth approximately $39,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Down 1.4 %

Shares of AIT traded down $3.83 during mid-day trading on Friday, reaching $266.73. The company's stock had a trading volume of 182,504 shares, compared to its average volume of 278,417. The business has a fifty day moving average of $230.16 and a 200 day moving average of $208.23. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 27.22, a price-to-earnings-growth ratio of 3.66 and a beta of 1.03. Applied Industrial Technologies, Inc. has a 1 year low of $155.47 and a 1 year high of $276.97.

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

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.37 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.48 annualized dividend and a yield of 0.55%. Applied Industrial Technologies's dividend payout ratio is 15.10%.

Insider Activity at Applied Industrial Technologies

In related news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the transaction, the chief executive officer now directly owns 205,708 shares of the company's stock, valued at $41,602,385.92. This trade represents a 1.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Kurt W. Loring sold 3,366 shares of the business's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the transaction, the vice president now directly owns 19,315 shares in the company, valued at approximately $4,037,221.30. This represents a 14.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,927 shares of company stock worth $2,439,116 over the last three months. Company insiders own 1.67% of the company's stock.

Analysts Set New Price Targets

AIT has been the topic of several 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. 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 research report on Friday, October 25th. 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. Robert W. Baird upped their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. Finally, StockNews.com raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of "Moderate Buy" and an average target price of $267.86.

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.