ArrowMark Colorado Holdings LLC Has $61.88 Million Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

ArrowMark Colorado Holdings LLC increased its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 9.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 277,335 shares of the industrial products company’s stock after acquiring an additional 23,710 shares during the quarter. ArrowMark Colorado Holdings LLC’s holdings in Applied Industrial Technologies were worth $61,882,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AIT. Boston Trust Walden Corp raised its position in Applied Industrial Technologies by 1.2% in the 2nd quarter. Boston Trust Walden Corp now owns 630,915 shares of the industrial products company’s stock valued at $122,398,000 after buying an additional 7,720 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Applied Industrial Technologies by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 569,317 shares of the industrial products company’s stock worth $127,032,000 after acquiring an additional 3,887 shares during the period. Dundas Partners LLP bought a new stake in Applied Industrial Technologies in the 2nd quarter valued at $46,805,000. Handelsbanken Fonder AB raised its position in shares of Applied Industrial Technologies by 28.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 221,823 shares of the industrial products company’s stock valued at $49,495,000 after buying an additional 49,500 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Applied Industrial Technologies by 18.2% in the 2nd quarter. Victory Capital Management Inc. now owns 204,430 shares of the industrial products company’s stock valued at $39,659,000 after purchasing an additional 31,514 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AIT. Loop Capital boosted 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. KeyCorp increased their price target on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Robert W. Baird upped their price objective on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Applied Industrial Technologies has an average rating of “Moderate Buy” and an average price target of $278.57.

Applied Industrial Technologies Trading Up 0.3 %

NYSE:AIT opened at $274.72 on Monday. The firm’s 50 day moving average is $243.16 and its 200 day moving average is $214.03. Applied Industrial Technologies, Inc. has a 12 month low of $156.50 and a 12 month high of $282.98. The stock has a market capitalization of $10.56 billion, a PE ratio of 28.03, a price-to-earnings-growth ratio of 3.77 and a beta of 1.03. 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) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the firm earned $2.39 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. Sell-side analysts expect that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.37 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.54%. Applied Industrial Technologies’s dividend payout ratio is 15.10%.

Applied Industrial Technologies Company 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.