International Assets Investment Management LLC Invests $213.59 Million in Applied Industrial Technologies, Inc. (NYSE:AIT)

International Assets Investment Management LLC acquired a new position in Applied Industrial Technologies, Inc. (NYSE:AIT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 95,723 shares of the industrial products company’s stock, valued at approximately $213,590,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. EntryPoint Capital LLC purchased a new stake in Applied Industrial Technologies in the first quarter valued at about $25,000. Headlands Technologies LLC acquired a new position in shares of Applied Industrial Technologies during the second quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Applied Industrial Technologies during the second quarter valued at about $32,000. V Square Quantitative Management LLC purchased a new position in shares of Applied Industrial Technologies in the 3rd quarter valued at approximately $34,000. Finally, Quarry LP acquired a new stake in Applied Industrial Technologies in the 2nd quarter worth approximately $39,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Up 3.5 %

Shares of AIT opened at $231.75 on Friday. The stock’s 50-day moving average price is $214.20 and its 200-day moving average price is $200.90. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $8.95 billion, a price-to-earnings ratio of 24.29, a PEG ratio of 3.12 and a beta of 1.03. Applied Industrial Technologies, Inc. has a 52 week low of $149.59 and a 52 week high of $240.45.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.12. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the company earned $2.35 EPS. The business’s revenue was up .2% on a year-over-year basis. On average, sell-side analysts predict that Applied Industrial Technologies, Inc. will post 9.69 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on AIT. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday. Loop Capital upped their target price on Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, August 16th. Mizuho initiated coverage on Applied Industrial Technologies in a research report on Tuesday. They set an “outperform” rating and a $285.00 price target for the company. Bank of America assumed coverage on Applied Industrial Technologies in a research note on Monday, October 7th. They set a “neutral” rating and a $232.00 price target on the stock. Finally, KeyCorp lifted their target price on Applied Industrial Technologies from $215.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $243.14.

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $4,037,221.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Kurt W. Loring sold 4,858 shares of the company’s 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 completion of the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the sale, the vice president now directly owns 19,315 shares in the company, valued at $4,037,221.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,927 shares of company stock valued at $2,439,116. Corporate insiders own 2.20% of the company’s stock.

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.