Harbor Capital Advisors Inc. Buys Shares of 10,166 Applied Industrial Technologies, Inc. (NYSE:AIT)

Harbor Capital Advisors Inc. purchased a new position in Applied Industrial Technologies, Inc. (NYSE:AIT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,166 shares of the industrial products company’s stock, valued at approximately $2,268,000.

A number of other institutional investors have also bought and sold shares of the business. Janney Montgomery Scott LLC raised its holdings in shares of Applied Industrial Technologies by 126.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 4,396 shares of the industrial products company’s stock worth $981,000 after acquiring an additional 2,451 shares during the period. James Investment Research Inc. purchased a new position in Applied Industrial Technologies during the 3rd quarter valued at about $355,000. New York State Common Retirement Fund boosted its stake in shares of Applied Industrial Technologies by 65.6% in the third quarter. New York State Common Retirement Fund now owns 144,621 shares of the industrial products company’s stock valued at $32,269,000 after purchasing an additional 57,283 shares during the period. Pinnacle Associates Ltd. boosted its position in Applied Industrial Technologies by 1.8% in the 3rd quarter. Pinnacle Associates Ltd. now owns 9,933 shares of the industrial products company’s stock valued at $2,216,000 after buying an additional 175 shares during the period. Finally, Smith Group Asset Management LLC boosted its holdings in Applied Industrial Technologies by 25.1% in the third quarter. Smith Group Asset Management LLC now owns 3,737 shares of the industrial products company’s stock valued at $834,000 after purchasing an additional 749 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $3,922,876.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now owns 19,315 shares of the company’s stock, valued at $4,037,221.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,927 shares of company stock worth $2,439,116 over the last quarter. 1.67% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on AIT. Bank of America boosted their price target 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. Mizuho started coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price target on the stock. Robert W. Baird raised their price objective on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Raymond James boosted 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. Finally, 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. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $261.43.

Applied Industrial Technologies Stock Performance

Shares of AIT stock opened at $232.66 on Tuesday. The stock has a market cap of $8.95 billion, a PE ratio of 23.74, a P/E/G ratio of 3.18 and a beta of 1.03. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. Applied Industrial Technologies, Inc. has a 1 year low of $155.25 and a 1 year high of $240.45. The stock has a fifty day moving average price of $218.37 and a 200 day moving average price of $203.15.

Applied Industrial Technologies (NYSE:AIT) last issued 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 firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate 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 posted $2.39 EPS. Sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 9.74 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors 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 yield of 0.64%. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 15.10%.

About Applied Industrial Technologies

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.