Bull Harbor Capital LLC Buys Shares of 2,350 Applied Industrial Technologies, Inc. $AIT

Bull Harbor Capital LLC purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,350 shares of the industrial products company’s stock, valued at approximately $624,000.

A number of other institutional investors have also modified their holdings of the company. Goldman Sachs Group Inc. boosted its stake in shares of Applied Industrial Technologies by 4.1% in the first quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company’s stock valued at $85,897,000 after purchasing an additional 14,926 shares during the period. Empowered Funds LLC purchased a new stake in Applied Industrial Technologies during the 1st quarter worth approximately $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Applied Industrial Technologies by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,348 shares of the industrial products company’s stock worth $22,162,000 after buying an additional 10,863 shares in the last quarter. Focus Partners Wealth lifted its holdings in Applied Industrial Technologies by 4.5% during the 1st quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company’s stock worth $302,000 after buying an additional 58 shares in the last quarter. Finally, M&T Bank Corp acquired a new position in shares of Applied Industrial Technologies during the second quarter worth about $217,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $340.33 on Friday. The company has a market capitalization of $12.58 billion, a price-to-earnings ratio of 32.14, a price-to-earnings-growth ratio of 2.88 and a beta of 0.83. Applied Industrial Technologies, Inc. has a 52-week low of $238.34 and a 52-week high of $352.76. The company has a quick ratio of 1.97, a current ratio of 2.95 and a debt-to-equity ratio of 0.19. The stock has a 50 day moving average price of $326.83 and a 200 day moving average price of $297.61.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.63 by $0.02. Applied Industrial Technologies had a net margin of 8.34% and a return on equity of 21.64%. The company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the company earned $2.57 earnings per share. Research analysts predict that Applied Industrial Technologies, Inc. will post 10.71 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be given a $0.51 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. Applied Industrial Technologies’s payout ratio is 19.26%.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total value of $1,268,427.05. Following the completion of the transaction, the director owned 4,951 shares in the company, valued at $1,633,285.39. This represents a 43.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Warren E. Hoffner III sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $306.04, for a total value of $2,448,320.00. Following the transaction, the vice president directly owned 40,751 shares in the company, valued at approximately $12,471,436.04. The trade was a 16.41% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Mizuho raised their target price on shares of Applied Industrial Technologies from $330.00 to $355.00 and gave the company an “outperform” rating in a report on Tuesday, July 21st. Oppenheimer boosted their price target on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. DA Davidson initiated coverage on shares of Applied Industrial Technologies in a report on Tuesday, June 16th. They issued a “buy” rating and a $380.00 price objective on the stock. Robert W. Baird set a $317.00 price objective on shares of Applied Industrial Technologies in a report on Wednesday, April 29th. Finally, Wall Street Zen cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $336.71.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.