144,457 Shares in Applied Industrial Technologies, Inc. (NYSE:AIT) Acquired by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 144,457 shares of the industrial products company’s stock, valued at approximately $32,233,000. Westfield Capital Management Co. LP owned about 0.38% of Applied Industrial Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Quadrature Capital Ltd purchased a new position in shares of Applied Industrial Technologies in the 1st quarter worth $593,000. Sanctuary Advisors LLC purchased a new position in shares of Applied Industrial Technologies in the 2nd quarter worth about $1,279,000. Janney Montgomery Scott LLC lifted its stake in shares of Applied Industrial Technologies by 126.0% in the 3rd quarter. Janney Montgomery Scott LLC now owns 4,396 shares of the industrial products company’s stock valued at $981,000 after purchasing an additional 2,451 shares in the last quarter. Dana Investment Advisors Inc. grew its holdings 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 worth $1,928,000 after purchasing an additional 65 shares during the period. Finally, SG Capital Management LLC acquired a new stake in Applied Industrial Technologies during the 1st quarter worth approximately $4,775,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $277.11 on Monday. 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, Inc. has a fifty-two week low of $155.47 and a fifty-two week high of $277.63. The business has a 50 day moving average price of $237.10 and a two-hundred day moving average price of $211.10. The firm has a market cap of $10.65 billion, a PE ratio of 28.28, a price-to-earnings-growth ratio of 3.69 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the company earned $2.39 earnings per share. Sell-side analysts expect 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 declared 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 of this dividend is Friday, November 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.53%. Applied Industrial Technologies’s payout ratio is 15.10%.

Insider Buying and Selling

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the transaction, the vice president now owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This trade represents a 20.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.67% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on AIT shares. Oppenheimer lifted their price target on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Bank of America raised their price objective on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Loop Capital upped their target price on Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Finally, Raymond James raised their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Applied Industrial Technologies presently has an average rating of “Moderate Buy” and an average price target of $267.86.

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.