Loomis Sayles & Co. L P Reduces Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Loomis Sayles & Co. L P reduced its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 17.3% in the third quarter, Holdings Channel reports. The institutional investor owned 243,717 shares of the industrial products company’s stock after selling 50,961 shares during the period. Loomis Sayles & Co. L P’s holdings in Applied Industrial Technologies were worth $54,380,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in AIT. EntryPoint Capital LLC purchased a new stake in shares of Applied Industrial Technologies in the 1st quarter worth $25,000. Quadrature Capital Ltd bought a new stake in Applied Industrial Technologies during the first quarter valued at about $593,000. Price T Rowe Associates Inc. MD increased its position in Applied Industrial Technologies by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 22,607 shares of the industrial products company’s stock worth $4,467,000 after buying an additional 1,461 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its position in shares of Applied Industrial Technologies by 4.6% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 38,676 shares of the industrial products company’s stock valued at $7,640,000 after buying an additional 1,691 shares in the last quarter. Finally, Tidal Investments LLC grew its stake in shares of Applied Industrial Technologies by 7.5% during the 1st quarter. Tidal Investments LLC now owns 2,114 shares of the industrial products company’s stock valued at $418,000 after acquiring an additional 147 shares during the period. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Stock Up 0.5 %

Shares of AIT stock opened at $278.57 on Tuesday. The company’s fifty day simple moving average is $238.50 and its two-hundred day simple moving average is $211.80. Applied Industrial Technologies, Inc. has a 52 week low of $155.47 and a 52 week high of $282.32. The stock has a market cap of $10.71 billion, a P/E ratio of 28.43, a PEG ratio of 3.80 and a beta of 1.03. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the firm posted $2.39 earnings per share. The business’s revenue was up .3% compared to the same quarter last year. Analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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 given a dividend of $0.37 per share. The ex-dividend date is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.53%. Applied Industrial Technologies’s dividend payout ratio is currently 15.10%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Raymond James raised their target price on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Robert W. Baird raised their price objective 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. Bank of America upped their target price on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Oppenheimer raised their price target on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Finally, KeyCorp upped their price objective on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $267.86.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the transaction, the vice president now owns 19,315 shares in the company, valued at $3,922,876.50. This trade represents a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.67% of the stock is currently owned by insiders.

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.