Harfst & Associates Inc. Acquires 3,731 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Harfst & Associates Inc. raised its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 37.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,635 shares of the industrial products company’s stock after buying an additional 3,731 shares during the period. Applied Industrial Technologies comprises 0.7% of Harfst & Associates Inc.’s portfolio, making the stock its 21st largest holding. Harfst & Associates Inc.’s holdings in Applied Industrial Technologies were worth $3,265,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Raymond James & Associates grew its position in shares of Applied Industrial Technologies by 19.4% during the 3rd quarter. Raymond James & Associates now owns 14,612 shares of the industrial products company’s stock valued at $3,260,000 after acquiring an additional 2,371 shares during the period. Ballentine Partners LLC lifted its position in Applied Industrial Technologies by 7.1% during the third quarter. Ballentine Partners LLC now owns 1,111 shares of the industrial products company’s stock valued at $248,000 after purchasing an additional 74 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Applied Industrial Technologies during the third quarter valued at $217,000. State of Alaska Department of Revenue grew its holdings in Applied Industrial Technologies by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 4,495 shares of the industrial products company’s stock valued at $1,002,000 after purchasing an additional 300 shares during the period. Finally, Pinnacle Associates Ltd. increased its position in Applied Industrial Technologies by 1.8% in the third quarter. Pinnacle Associates Ltd. now owns 9,933 shares of the industrial products company’s stock worth $2,216,000 after buying an additional 175 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Price Performance

AIT stock opened at $245.15 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. The company’s fifty day moving average price is $253.36 and its 200-day moving average price is $240.55. Applied Industrial Technologies, Inc. has a one year low of $177.68 and a one year high of $282.98. The company has a market capitalization of $9.41 billion, a PE ratio of 24.84, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. On average, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 18.64%.

Wall Street Analyst Weigh In

AIT has been the topic of a number of analyst reports. Bank of America raised Applied Industrial Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $285.00 to $315.00 in a research report on Tuesday, November 26th. Oppenheimer lifted their price target on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. KeyCorp increased their price objective on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Raymond James restated an “outperform” rating and set a $265.00 price objective (up from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. Finally, Robert W. Baird upped their target price on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $291.43.

About Applied Industrial Technologies

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.