Municipal Employees Retirement System of Michigan raised its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 39.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,440 shares of the industrial products company’s stock after purchasing an additional 5,450 shares during the quarter. Municipal Employees Retirement System of Michigan owned 0.05% of Applied Industrial Technologies worth $1,279,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Macquarie Group Ltd. grew its stake in Applied Industrial Technologies by 8.3% during the 2nd quarter. Macquarie Group Ltd. now owns 558,691 shares of the industrial products company’s stock valued at $32,991,000 after purchasing an additional 42,769 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in Applied Industrial Technologies by 66.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 14,360 shares of the industrial products company’s stock valued at $848,000 after purchasing an additional 5,716 shares during the last quarter. Chicago Equity Partners LLC grew its stake in Applied Industrial Technologies by 55.8% during the 2nd quarter. Chicago Equity Partners LLC now owns 57,300 shares of the industrial products company’s stock valued at $3,384,000 after purchasing an additional 20,520 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Applied Industrial Technologies during the 2nd quarter valued at about $449,000. Finally, Parametrica Management Ltd purchased a new stake in Applied Industrial Technologies during the 3rd quarter valued at about $648,000. Institutional investors and hedge funds own 88.05% of the company’s stock.
Shares of Applied Industrial Technologies, Inc. (AIT) opened at $61.75 on Monday. Applied Industrial Technologies, Inc. has a one year low of $54.00 and a one year high of $70.05. The company has a quick ratio of 1.83, a current ratio of 3.13 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $2,396.84, a PE ratio of 20.58, a PEG ratio of 1.61 and a beta of 0.94.
Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Wednesday, October 25th. The industrial products company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.10. Applied Industrial Technologies had a return on equity of 16.25% and a net margin of 5.29%. The firm had revenue of $680.70 million for the quarter, compared to the consensus estimate of $668.18 million. During the same quarter in the prior year, the business earned $0.70 earnings per share. The company’s revenue was up 8.9% compared to the same quarter last year. research analysts expect that Applied Industrial Technologies, Inc. will post 3.19 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Wednesday, November 15th will be paid a $0.29 dividend. The ex-dividend date is Tuesday, November 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.88%. Applied Industrial Technologies’s payout ratio is 32.58%.
In other news, VP Mark O. Eisele sold 8,926 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $54.64, for a total value of $487,716.64. Following the sale, the vice president now owns 129,029 shares in the company, valued at $7,050,144.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark O. Eisele sold 4,939 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $55.91, for a total value of $276,139.49. Following the completion of the sale, the vice president now owns 106,090 shares in the company, valued at approximately $5,931,491.90. The disclosure for this sale can be found here. Insiders sold 31,865 shares of company stock worth $1,759,016 in the last 90 days. Company insiders own 3.70% of the company’s stock.
Several analysts have weighed in on AIT shares. Zacks Investment Research upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research note on Monday, August 14th. ValuEngine upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday, September 6th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $66.00.
About Applied Industrial Technologies
Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.
Want to see what other hedge funds are holding AIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Applied Industrial Technologies, Inc. (NYSE:AIT).
Receive News & Ratings for Applied Industrial Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Industrial Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.