Harbor Capital Advisors Inc. Takes Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Harbor Capital Advisors Inc. acquired a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 10,166 shares of the industrial products company's stock, valued at approximately $2,268,000.

Several other hedge funds and other institutional investors also recently modified their holdings of AIT. Quadrature Capital Ltd bought a new stake in shares of Applied Industrial Technologies during the 1st quarter valued at $593,000. American International Group Inc. raised its stake in Applied Industrial Technologies by 232.6% in the 1st quarter. American International Group Inc. now owns 69,901 shares of the industrial products company's stock worth $13,809,000 after acquiring an additional 48,883 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at about $1,279,000. Cumberland Partners Ltd acquired a new stake in Applied Industrial Technologies in the 1st quarter worth about $790,000. Finally, Dana Investment Advisors Inc. raised its position in shares of Applied Industrial Technologies by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company's stock valued at $1,928,000 after buying an additional 65 shares during the period. Institutional investors own 93.52% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on AIT shares. KeyCorp lifted their price objective on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Oppenheimer increased their target price on shares of Applied Industrial Technologies from $235.00 to $260.00 and gave the company an "outperform" rating in a research note on Friday, October 25th. 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 note on Wednesday, October 16th. Raymond James raised their price objective on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an "outperform" rating in a report on Friday, October 25th. Finally, Loop Capital raised their price target on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a "buy" rating in a report on Monday, October 28th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $261.43.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock traded up $3.77 on Tuesday, hitting $236.43. The stock had a trading volume of 131,649 shares, compared to its average volume of 285,355. The stock has a market cap of $9.09 billion, a price-to-earnings ratio of 24.13, a P/E/G ratio of 3.18 and a beta of 1.03. Applied Industrial Technologies, Inc. has a 52-week low of $155.25 and a 52-week high of $240.45. The company's 50 day moving average price is $219.01 and its 200 day moving average price is $203.52. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33.

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

Applied Industrial Technologies Announces Dividend

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 paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies's payout ratio is currently 15.10%.

Insider Buying and Selling

In related news, CEO Neil A. Schrimsher sold 3,703 shares of the firm's stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the transaction, the chief executive officer now owns 205,708 shares in the company, valued at $41,602,385.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Neil A. Schrimsher sold 3,703 shares of the firm's stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the sale, the chief executive officer now owns 205,708 shares in the company, valued at approximately $41,602,385.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Kurt W. Loring sold 4,858 shares of the company's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the transaction, the vice president now owns 19,315 shares in the company, valued at $3,922,876.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,927 shares of company stock worth $2,439,116. Insiders own 1.67% of the company's stock.

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.