Applied Industrial Technologies, Inc. (AIT) Holdings Lifted by Wells Fargo & Company MN

Wells Fargo & Company MN grew its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 45.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 369,137 shares of the industrial products company’s stock after buying an additional 115,166 shares during the quarter. Wells Fargo & Company MN owned approximately 0.95% of Applied Industrial Technologies worth $24,288,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Teacher Retirement System of Texas acquired a new position in shares of Applied Industrial Technologies in the third quarter worth about $212,000. Riverhead Capital Management LLC boosted its holdings in shares of Applied Industrial Technologies by 57.0% in the second quarter. Riverhead Capital Management LLC now owns 3,298 shares of the industrial products company’s stock worth $195,000 after buying an additional 1,198 shares during the period. Ameritas Investment Partners Inc. boosted its holdings in shares of Applied Industrial Technologies by 7.2% in the second quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock worth $199,000 after buying an additional 226 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Applied Industrial Technologies in the third quarter worth about $223,000. Finally, Paradigm Asset Management Co. LLC boosted its holdings in shares of Applied Industrial Technologies by 59.1% in the second quarter. Paradigm Asset Management Co. LLC now owns 3,500 shares of the industrial products company’s stock worth $207,000 after buying an additional 1,300 shares during the period. Institutional investors own 87.93% of the company’s stock.

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) opened at $63.15 on Friday. The company has a current ratio of 3.13, a quick ratio of 1.83 and a debt-to-equity ratio of 0.37. The company has a market cap of $2,448.26, a P/E ratio of 21.02, a P/E/G ratio of 1.65 and a beta of 0.93. Applied Industrial Technologies, Inc. has a fifty-two week low of $54.00 and a fifty-two week high of $70.05.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.76 by $0.10. The business had revenue of $680.70 million during the quarter, compared to analysts’ expectations of $668.18 million. Applied Industrial Technologies had a net margin of 5.29% and a return on equity of 16.25%. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period last year, the company posted $0.70 earnings per share. analysts anticipate that Applied Industrial Technologies, Inc. will post 3.19 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 30th. Investors of record on Wednesday, November 15th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend was Tuesday, November 14th. Applied Industrial Technologies’s dividend payout ratio is currently 32.58%.

Several brokerages have commented on AIT. ValuEngine cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Zacks Investment Research cut shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a report on Monday, October 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $67.00.

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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.

Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

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