57,800 Shares in Applied Industrial Technologies, Inc. (NYSE:AIT) Purchased by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. acquired a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 57,800 shares of the industrial products company’s stock, valued at approximately $12,897,000.

Other hedge funds have also modified their holdings of the company. Westfield Capital Management Co. LP bought a new position in shares of Applied Industrial Technologies during the third quarter worth about $32,233,000. Sanctuary Advisors LLC bought a new position in Applied Industrial Technologies in the second quarter valued at approximately $1,279,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Applied Industrial Technologies in the third quarter valued at approximately $3,591,000. Janney Montgomery Scott LLC grew its stake in Applied Industrial Technologies by 126.0% in the third 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. Finally, Dana Investment Advisors Inc. grew its stake in Applied Industrial Technologies by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock valued at $1,928,000 after purchasing an additional 65 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Applied Industrial Technologies

In other news, Director Mary Dean Hall sold 2,200 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total transaction of $605,176.00. Following the completion of the transaction, the director now owns 3,462 shares of the company’s stock, valued at approximately $952,326.96. The trade was a 38.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Warren E. Hoffner III sold 4,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total value of $1,126,560.00. Following the transaction, the vice president now directly owns 55,709 shares of the company’s stock, valued at $15,689,882.76. This trade represents a 6.70 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.67% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Robert W. Baird lifted their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer lifted their target price on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Mizuho assumed coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 target price for the company. StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Loop Capital lifted their price target on Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, October 28th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $285.71.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $277.13 on Wednesday. The stock has a market capitalization of $10.66 billion, a PE ratio of 28.28, a P/E/G ratio of 3.74 and a beta of 1.05. 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 business has a fifty day moving average price of $245.22 and a two-hundred day moving average price of $215.13. Applied Industrial Technologies, Inc. has a fifty-two week low of $162.19 and a fifty-two week high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.11. The firm 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 company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.39 EPS. As a group, equities analysts predict 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 was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.37 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.48 annualized dividend and a yield of 0.53%. 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.