Bank of America Corp DE boosted its position in Applied Industrial Technologies (NYSE:AIT) by 7.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 182,550 shares of the industrial products company’s stock after purchasing an additional 11,969 shares during the quarter. Bank of America Corp DE owned about 0.47% of Applied Industrial Technologies worth $12,805,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Applied Industrial Technologies by 5.2% in the 2nd quarter. BlackRock Inc. now owns 5,995,392 shares of the industrial products company’s stock valued at $420,578,000 after purchasing an additional 297,005 shares during the period. Dimensional Fund Advisors LP raised its holdings in Applied Industrial Technologies by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,193,783 shares of the industrial products company’s stock valued at $83,744,000 after acquiring an additional 8,062 shares in the last quarter. FMR LLC raised its holdings in Applied Industrial Technologies by 50.0% in the 2nd quarter. FMR LLC now owns 909,261 shares of the industrial products company’s stock valued at $63,784,000 after acquiring an additional 302,972 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in Applied Industrial Technologies by 34.6% in the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 736,681 shares of the industrial products company’s stock valued at $51,678,000 after acquiring an additional 189,474 shares in the last quarter. Finally, BTIM Corp. raised its holdings in Applied Industrial Technologies by 0.5% in the 2nd quarter. BTIM Corp. now owns 468,390 shares of the industrial products company’s stock valued at $32,857,000 after acquiring an additional 2,190 shares in the last quarter. Institutional investors and hedge funds own 89.36% of the company’s stock.
Shares of NYSE AIT opened at $70.61 on Friday. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 18.88, a P/E/G ratio of 1.40 and a beta of 0.87. The company has a quick ratio of 1.47, a current ratio of 2.45 and a debt-to-equity ratio of 1.16. Applied Industrial Technologies has a fifty-two week low of $59.65 and a fifty-two week high of $82.35.
Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Friday, August 10th. The industrial products company reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.03. Applied Industrial Technologies had a return on equity of 18.34% and a net margin of 4.61%. The firm had revenue of $897.70 million during the quarter, compared to analysts’ expectations of $882.74 million. During the same period in the previous year, the firm earned $0.78 EPS. The company’s quarterly revenue was up 135.3% compared to the same quarter last year. As a group, equities research analysts forecast that Applied Industrial Technologies will post 4.65 EPS for the current fiscal year.
In other news, Director L Thomas Hiltz sold 12,500 shares of the business’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $77.15, for a total transaction of $964,375.00. Following the completion of the transaction, the director now owns 1,544 shares of the company’s stock, valued at approximately $119,119.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.10% of the stock is currently owned by insiders.
AIT has been the subject of several analyst reports. ValuEngine raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, September 12th. Northcoast Research reaffirmed a “neutral” rating on shares of Applied Industrial Technologies in a report on Friday, August 10th. Zacks Investment Research raised Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $83.00 price objective for the company in a report on Monday, August 13th. Wellington Shields raised Applied Industrial Technologies from a “gradually accumulate” rating to a “buy” rating in a report on Monday, August 13th. Finally, Wells Fargo & Co lifted their price objective on Applied Industrial Technologies from $73.00 to $80.00 and gave the company a “hold” rating in a report on Monday, August 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Applied Industrial Technologies presently has a consensus rating of “Hold” and an average target price of $81.50.
Applied Industrial Technologies Company Profile
Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.
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