Eventide Asset Management LLC Has $19.17 Million Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Eventide Asset Management LLC boosted its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 6.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 85,923 shares of the industrial products company’s stock after acquiring an additional 5,430 shares during the period. Eventide Asset Management LLC owned 0.22% of Applied Industrial Technologies worth $19,172,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Headlands Technologies LLC bought a new stake in Applied Industrial Technologies in the 2nd quarter valued at about $26,000. Opal Wealth Advisors LLC purchased a new stake in Applied Industrial Technologies during the second quarter valued at about $32,000. V Square Quantitative Management LLC purchased a new stake in Applied Industrial Technologies in the third quarter worth about $34,000. First Horizon Advisors Inc. increased its stake 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 purchasing an additional 88 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of Applied Industrial Technologies during the second quarter valued at approximately $39,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on AIT shares. Raymond James lifted their price target on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Loop Capital boosted their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, October 28th. KeyCorp increased their price target on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Oppenheimer raised their price target on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Finally, StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Applied Industrial Technologies has a consensus rating of “Moderate Buy” and an average target price of $278.57.

Applied Industrial Technologies Stock Down 2.3 %

AIT stock opened at $273.90 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. The company has a market capitalization of $10.53 billion, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 3.76 and a beta of 1.03. The business’s 50 day moving average price is $242.03 and its two-hundred day moving average price is $213.24. Applied Industrial Technologies, Inc. has a fifty-two week low of $155.47 and a fifty-two week high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last issued 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 during the quarter, compared to analyst estimates 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 quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business posted $2.39 earnings per share. 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 company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Friday, November 15th. Applied Industrial Technologies’s payout ratio is currently 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.