Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Acquired by ArrowMark Colorado Holdings LLC

ArrowMark Colorado Holdings LLC grew its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 9.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 277,335 shares of the industrial products company’s stock after purchasing an additional 23,710 shares during the period. ArrowMark Colorado Holdings LLC owned about 0.72% of Applied Industrial Technologies worth $61,882,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. GHP Investment Advisors Inc. raised its stake in Applied Industrial Technologies by 3.9% during the 3rd quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock valued at $255,000 after purchasing an additional 43 shares during the period. QRG Capital Management Inc. grew its stake in Applied Industrial Technologies by 0.9% during the 2nd quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company’s stock valued at $1,254,000 after acquiring an additional 55 shares in the last quarter. Miller Howard Investments Inc. NY increased its holdings in shares of Applied Industrial Technologies by 2.4% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock valued at $446,000 after purchasing an additional 55 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Applied Industrial Technologies by 0.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock valued at $3,374,000 after purchasing an additional 61 shares during the period. Finally, Dana Investment Advisors Inc. lifted its position in shares of 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 worth $1,928,000 after purchasing an additional 65 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $274.72 on Monday. Applied Industrial Technologies, Inc. has a 1-year low of $156.50 and a 1-year high of $282.98. The company has a 50 day moving average of $243.16 and a 200-day moving average of $214.03. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. The firm has a market cap of $10.56 billion, a price-to-earnings ratio of 28.03, a PEG ratio of 3.77 and a beta of 1.03.

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, beating the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the previous year, the company posted $2.39 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, equities analysts forecast 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 was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.37 per share. The ex-dividend date was Friday, November 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.54%. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 15.10%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Oppenheimer raised their price target 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. Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and increased their target price for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. Raymond James lifted their price target on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Loop Capital lifted their price objective on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $278.57.

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.