Wealth Enhancement Advisory Services LLC Invests $217,000 in Applied Industrial Technologies, Inc. (NYSE:AIT)

Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the third quarter, Holdings Channel reports. The fund acquired 974 shares of the industrial products company’s stock, valued at approximately $217,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. EntryPoint Capital LLC bought a new position in shares of Applied Industrial Technologies during the first quarter worth about $25,000. Headlands Technologies LLC acquired a new position in Applied Industrial Technologies during the 2nd quarter valued at about $26,000. V Square Quantitative Management LLC bought a new position in Applied Industrial Technologies in the 3rd quarter worth about $34,000. Opal Wealth Advisors LLC acquired a new stake in shares of Applied Industrial Technologies in the second quarter valued at approximately $32,000. Finally, UMB Bank n.a. raised its holdings in shares of Applied Industrial Technologies by 68.1% during the third quarter. UMB Bank n.a. now owns 190 shares of the industrial products company’s stock valued at $42,000 after buying an additional 77 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AIT has been the subject of a number of recent analyst reports. Mizuho began coverage on Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective for the company. Robert W. Baird raised their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Loop Capital increased their target price on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Finally, Oppenheimer boosted their price target on shares of Applied Industrial Technologies from $235.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $261.43.

Insider Transactions at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, VP Kurt W. Loring sold 4,858 shares of Applied Industrial Technologies 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction that occurred 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 owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,927 shares of company stock valued at $2,439,116 in the last three months. 1.67% of the stock is currently owned by corporate insiders.

Applied Industrial Technologies Price Performance

Shares of Applied Industrial Technologies stock opened at $273.80 on Wednesday. Applied Industrial Technologies, Inc. has a 52 week low of $155.47 and a 52 week high of $276.15. 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 stock has a market cap of $10.53 billion, a PE ratio of 28.09, a price-to-earnings-growth ratio of 3.69 and a beta of 1.03. The company’s 50-day moving average price is $224.22 and its two-hundred day moving average price is $205.94.

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 (EPS) for the quarter, topping the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the company posted $2.39 EPS. The business’s revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.74 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders 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 dividend yield of 0.54%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 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.