M&T Bank Corp Buys New Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

M&T Bank Corp purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,013 shares of the industrial products company’s stock, valued at approximately $226,000.

Several other institutional investors and hedge funds have also made changes to their positions in AIT. State Street Corp raised its position in shares of Applied Industrial Technologies by 2.4% during the 3rd quarter. State Street Corp now owns 1,441,051 shares of the industrial products company’s stock worth $321,542,000 after acquiring an additional 34,113 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Applied Industrial Technologies by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 569,317 shares of the industrial products company’s stock worth $127,032,000 after purchasing an additional 3,887 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in shares of Applied Industrial Technologies during the 3rd quarter worth approximately $84,139,000. ArrowMark Colorado Holdings LLC boosted its holdings in shares of Applied Industrial Technologies by 9.3% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 277,335 shares of the industrial products company’s stock valued at $61,882,000 after buying an additional 23,710 shares in the last quarter. Finally, Dundas Partners LLP purchased a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at $46,805,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $243.45 on Friday. 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 firm has a market cap of $9.36 billion, a price-to-earnings ratio of 24.84, a price-to-earnings-growth ratio of 3.71 and a beta of 1.05. The firm’s fifty day moving average price is $255.44 and its 200 day moving average price is $220.57. Applied Industrial Technologies, Inc. has a 1-year low of $163.50 and a 1-year high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the previous year, the firm earned $2.39 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. On average, sell-side analysts expect that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current year.

Applied Industrial Technologies Announces Dividend

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

Wall Street Analysts Forecast Growth

AIT has been the subject of a number of research reports. Raymond James boosted their price target on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Loop Capital upped their target price on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, October 28th. StockNews.com lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday. KeyCorp increased their price objective on Applied Industrial Technologies from $275.00 to $325.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Finally, Bank of America raised shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the company from $285.00 to $315.00 in a report on Tuesday, November 26th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Applied Industrial Technologies presently has an average rating of “Moderate Buy” and an average target price of $285.71.

Insider Activity

In related news, VP Warren E. Hoffner III sold 4,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the sale, the vice president now owns 55,709 shares of the company’s stock, valued at approximately $15,689,882.76. The trade was a 6.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Mary Dean Hall sold 2,200 shares of the stock in a transaction dated 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 transaction, the director now directly owns 3,462 shares of the company’s stock, valued at approximately $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. Insiders own 1.67% of the company’s stock.

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.