Lazard Asset Management LLC Raises Stock Position in Applied Industrial Technologies, Inc. $AIT

Lazard Asset Management LLC lifted its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 14.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,770 shares of the industrial products company’s stock after acquiring an additional 2,458 shares during the quarter. Lazard Asset Management LLC owned 0.05% of Applied Industrial Technologies worth $5,245,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of AIT. First Trust Advisors LP raised its holdings in Applied Industrial Technologies by 34.3% during the first quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock worth $259,706,000 after purchasing an additional 249,961 shares during the last quarter. Capital International Investors grew its holdings in Applied Industrial Technologies by 25.4% in the fourth quarter. Capital International Investors now owns 962,925 shares of the industrial products company’s stock valued at $247,250,000 after purchasing an additional 195,043 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Applied Industrial Technologies by 0.9% in the fourth quarter. Wellington Management Group LLP now owns 776,394 shares of the industrial products company’s stock valued at $199,355,000 after buying an additional 6,953 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Applied Industrial Technologies by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 723,700 shares of the industrial products company’s stock valued at $185,833,000 after buying an additional 3,348 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Applied Industrial Technologies by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 687,161 shares of the industrial products company’s stock worth $176,479,000 after buying an additional 1,889 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Insider Buying and Selling

In related news, Director Madhuri A. Andrews sold 3,845 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the transaction, the director owned 4,951 shares of the company’s stock, valued at approximately $1,633,285.39. This represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Warren E. Hoffner III sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $306.04, for a total transaction of $2,448,320.00. Following the sale, the vice president owned 40,751 shares in the company, valued at approximately $12,471,436.04. This trade represents a 16.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Trading Up 1.8%

Applied Industrial Technologies stock opened at $340.33 on Friday. The stock has a market cap of $12.58 billion, a PE ratio of 32.14, a P/E/G ratio of 2.88 and a beta of 0.83. 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, Inc. has a 52 week low of $238.34 and a 52 week high of $352.76. The company has a current ratio of 2.95, a quick ratio of 1.97 and a debt-to-equity ratio of 0.19.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $1.23 billion. During the same period in the prior year, the firm earned $2.57 EPS. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. Equities research analysts predict that Applied Industrial Technologies, Inc. will post 10.71 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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

Analyst Ratings Changes

Several research firms recently commented on AIT. Oppenheimer boosted their price objective on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. DA Davidson started coverage on shares of Applied Industrial Technologies in a report on Tuesday, June 16th. They set a “buy” rating and a $380.00 target price for the company. Robert W. Baird set a $317.00 target price on shares of Applied Industrial Technologies in a research report on Wednesday, April 29th. Mizuho upped their price target 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. Finally, KeyCorp increased their price target on shares of Applied Industrial Technologies from $350.00 to $375.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $336.71.

Applied Industrial Technologies 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.