EULAV Asset Management Increases Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

EULAV Asset Management grew its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 94.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 45,300 shares of the industrial products company’s stock after acquiring an additional 22,000 shares during the period. EULAV Asset Management owned about 0.12% of Applied Industrial Technologies worth $10,108,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. First Horizon Advisors Inc. lifted its stake in 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 worth $38,000 after purchasing an additional 88 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Applied Industrial Technologies by 14.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 13,704 shares of the industrial products company’s stock valued at $3,058,000 after buying an additional 1,706 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Applied Industrial Technologies by 3.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,533 shares of the industrial products company’s stock valued at $3,243,000 after buying an additional 436 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Applied Industrial Technologies during the 3rd quarter valued at about $3,591,000. Finally, Banque Cantonale Vaudoise boosted its holdings in Applied Industrial Technologies by 11.4% during the 3rd quarter. Banque Cantonale Vaudoise now owns 5,592 shares of the industrial products company’s stock valued at $1,248,000 after acquiring an additional 571 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AIT has been the topic of several research reports. Oppenheimer increased 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 report on Thursday, November 14th. Loop Capital increased their target price on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, October 28th. KeyCorp boosted 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. Mizuho initiated coverage on Applied Industrial Technologies in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price objective on the stock. Finally, Bank of America lifted their target price on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Applied Industrial Technologies has an average rating of “Moderate Buy” and an average price target of $267.86.

Insider Activity

In related news, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $203.10, for a total value of $986,659.80. Following the completion of the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. The trade was a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.67% of the company’s stock.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $266.28 on Wednesday. Applied Industrial Technologies, Inc. has a 12 month low of $155.47 and a 12 month high of $276.97. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.78 and a quick ratio of 2.74. The firm has a market capitalization of $10.24 billion, a PE ratio of 27.17, a price-to-earnings-growth ratio of 3.66 and a beta of 1.03. The business’s fifty day moving average price is $231.56 and its 200 day moving average price is $209.01.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data 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. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the firm posted $2.39 EPS. On average, sell-side analysts anticipate 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 disclosed 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 annualized dividend and a dividend yield of 0.56%. Applied Industrial Technologies’s dividend payout ratio is presently 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.