Oppenheimer Asset Management Inc. Buys Shares of 1,249 Applied Industrial Technologies, Inc. (NYSE:AIT)

Oppenheimer Asset Management Inc. purchased a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,249 shares of the industrial products company’s stock, valued at approximately $242,000.

A number of other hedge funds also recently made changes to their positions in AIT. Capital Research Global Investors boosted its stake in shares of Applied Industrial Technologies by 978.3% in the 4th quarter. Capital Research Global Investors now owns 559,649 shares of the industrial products company’s stock valued at $96,646,000 after purchasing an additional 507,750 shares in the last quarter. Norges Bank acquired a new stake in shares of Applied Industrial Technologies in the 4th quarter valued at approximately $72,436,000. Nordea Investment Management AB acquired a new stake in shares of Applied Industrial Technologies in the 1st quarter valued at approximately $39,093,000. Hennessy Advisors Inc. acquired a new stake in shares of Applied Industrial Technologies in the 4th quarter valued at approximately $27,043,000. Finally, Capital World Investors boosted its stake in shares of Applied Industrial Technologies by 51.7% in the 4th quarter. Capital World Investors now owns 310,480 shares of the industrial products company’s stock valued at $53,617,000 after purchasing an additional 105,824 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the sale, the vice president now owns 19,315 shares in the company, valued at approximately $4,037,221.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $203.10, for a total value of $986,659.80. Following the completion of the sale, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,927 shares of company stock worth $2,439,116. 2.20% of the stock is owned by corporate insiders.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $218.77 on Friday. The company has a fifty day moving average of $204.17 and a 200-day moving average of $195.47. The firm has a market capitalization of $8.45 billion, a P/E ratio of 22.93, a P/E/G ratio of 2.00 and a beta of 1.03. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies, Inc. has a twelve month low of $149.59 and a twelve month high of $224.36.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, August 15th. The industrial products company reported $2.64 earnings per share for the quarter, beating the consensus estimate of $2.52 by $0.12. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.19 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. Applied Industrial Technologies’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.35 EPS. As a group, sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.86 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were paid a $0.37 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.68%. Applied Industrial Technologies’s dividend payout ratio is currently 15.51%.

Analyst Ratings Changes

Several research firms recently commented on AIT. Raymond James began coverage on shares of Applied Industrial Technologies in a research report on Wednesday, September 4th. They set an “outperform” rating and a $225.00 target price on the stock. StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Robert W. Baird lifted their target price on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. KeyCorp lifted their target price on shares of Applied Industrial Technologies from $210.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, August 16th. Finally, Loop Capital boosted their price target on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $223.00.

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.