M&T Bank Corp Purchases Shares of 1,013 Applied Industrial Technologies, Inc. (NYSE:AIT)

M&T Bank Corp acquired a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 1,013 shares of the industrial products company’s stock, valued at approximately $226,000.

A number of other institutional investors also recently made changes to their positions in AIT. GHP Investment Advisors Inc. raised its position in shares of Applied Industrial Technologies by 3.9% in the third quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock valued at $255,000 after buying an additional 43 shares during the last quarter. Miller Howard Investments Inc. NY boosted its holdings in shares of Applied Industrial Technologies by 2.4% during the second quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock worth $446,000 after purchasing an additional 55 shares during the last quarter. Dana Investment Advisors Inc. grew its position in shares of Applied Industrial Technologies by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock valued at $1,928,000 after purchasing an additional 65 shares during the period. Fifth Third Bancorp increased its stake in Applied Industrial Technologies by 3.2% in the second quarter. Fifth Third Bancorp now owns 2,158 shares of the industrial products company’s stock valued at $419,000 after purchasing an additional 66 shares during the last quarter. Finally, Fox Hill Wealth Management lifted its position in Applied Industrial Technologies by 3.9% during the second quarter. Fox Hill Wealth Management now owns 1,929 shares of the industrial products company’s stock worth $374,000 after buying an additional 72 shares during the period. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Trading Down 0.4 %

Shares of AIT opened at $243.45 on Friday. Applied Industrial Technologies, Inc. has a 12 month low of $163.50 and a 12 month high of $282.98. The stock’s 50-day moving average is $255.44 and its two-hundred day moving average is $220.57. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.78 and a quick ratio of 2.74. The stock has a market cap of $9.36 billion, a PE ratio of 24.84, a P/E/G ratio of 3.71 and a beta of 1.05.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. Applied Industrial Technologies’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.39 EPS. Equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend was Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is 15.10%.

Insiders Place Their Bets

In related news, VP Warren E. Hoffner III sold 4,000 shares of Applied Industrial Technologies stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total value of $1,126,560.00. Following the completion of the sale, the vice president now owns 55,709 shares in the company, valued at approximately $15,689,882.76. The trade was a 6.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary Dean Hall sold 2,200 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total transaction of $605,176.00. Following the transaction, the director now owns 3,462 shares in the company, valued at $952,326.96. This trade represents a 38.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.67% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Oppenheimer lifted their price target on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. StockNews.com lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday. Raymond James lifted their price target on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Loop Capital upped their price objective on Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, Bank of America raised Applied Industrial Technologies from a “neutral” rating to a “buy” rating and increased their target price for the stock from $285.00 to $315.00 in a research report on Tuesday, November 26th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $285.71.

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.