Bullseye Asset Management LLC Purchases Shares of 1,350 Applied Industrial Technologies, Inc. (NYSE:AIT)

Bullseye Asset Management LLC acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,350 shares of the industrial products company’s stock, valued at approximately $301,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GHP Investment Advisors Inc. lifted its position in Applied Industrial Technologies by 3.9% during the 3rd quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock valued at $255,000 after purchasing an additional 43 shares during the period. Miller Howard Investments Inc. NY lifted its stake in shares of Applied Industrial Technologies by 2.4% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock valued at $446,000 after purchasing an additional 55 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Applied Industrial Technologies by 0.4% during the second quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock worth $3,374,000 after purchasing an additional 61 shares during the period. Dana Investment Advisors Inc. increased its holdings in 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 last quarter. Finally, Fifth Third Bancorp lifted 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 buying an additional 66 shares during the period. Institutional investors own 93.52% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Mizuho assumed coverage on shares of Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 target price on the stock. Raymond James lifted their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Robert W. Baird increased their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. KeyCorp lifted their price target on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Finally, Bank of America upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and upped their price target for the company from $285.00 to $315.00 in a report on Tuesday, November 26th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and an average price target of $285.71.

Insider Transactions at Applied Industrial Technologies

In other news, Director Mary Dean Hall sold 2,200 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 3,462 shares of the company’s stock, valued at $952,326.96. This trade represents a 38.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Warren E. Hoffner III sold 4,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 55,709 shares of the company’s stock, valued at $15,689,882.76. This trade represents a 6.70 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.67% of the company’s stock.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $271.93 on Tuesday. The firm has a 50-day moving average of $249.42 and a 200-day moving average of $217.26. The company has a market cap of $10.46 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 3.76 and a beta of 1.05. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.78 and a quick ratio of 2.74. Applied Industrial Technologies, Inc. has a one year low of $163.50 and a one year high of $282.98.

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

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.54%. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 15.10%.

Applied Industrial Technologies Company 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.