Verition Fund Management LLC Lowers Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Verition Fund Management LLC lowered its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 77.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,532 shares of the industrial products company's stock after selling 8,864 shares during the period. Verition Fund Management LLC's holdings in Applied Industrial Technologies were worth $565,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Headlands Technologies LLC bought a new stake in shares of Applied Industrial Technologies during the second quarter worth about $26,000. V Square Quantitative Management LLC bought a new stake in Applied Industrial Technologies during the 3rd quarter worth approximately $34,000. First Horizon Advisors Inc. increased its position in Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company's stock valued at $38,000 after acquiring an additional 88 shares during the period. UMB Bank n.a. raised its stake in shares of Applied Industrial Technologies by 68.1% during the third quarter. UMB Bank n.a. now owns 190 shares of the industrial products company's stock valued at $42,000 after acquiring an additional 77 shares during the last quarter. Finally, Quarry LP acquired a new position in shares of Applied Industrial Technologies during the second quarter worth $39,000. Institutional investors and hedge funds own 93.52% of the company's stock.

Insiders Place Their Bets

In related news, VP Warren E. Hoffner III sold 4,000 shares of the company's stock in a transaction dated 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 sale, the vice president now owns 55,709 shares in the company, valued at $15,689,882.76. This represents a 6.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mary Dean Hall sold 2,200 shares of Applied Industrial Technologies stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total value of $605,176.00. Following the transaction, 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 disclosure for this sale can be found here. Corporate insiders own 1.67% of the company's stock.

Applied Industrial Technologies Trading Up 0.1 %

Shares of Applied Industrial Technologies stock traded up $0.17 on Wednesday, reaching $270.67. 254,637 shares of the company's stock were exchanged, compared to its average volume of 283,986. The company has a market capitalization of $10.41 billion, a P/E ratio of 27.62, a price-to-earnings-growth ratio of 3.76 and a beta of 1.05. Applied Industrial Technologies, Inc. has a 52 week low of $163.50 and a 52 week high of $282.98. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. The firm's 50-day moving average is $251.33 and its two-hundred day moving average is $218.15.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.08 billion. During the same period last year, the company posted $2.39 earnings per share. The business's quarterly revenue was up .3% on a year-over-year basis. Sell-side analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors 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 yield of 0.55%. The ex-dividend date of this dividend was Friday, November 15th. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 15.10%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on AIT shares. Mizuho initiated coverage on Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an "outperform" rating and a $285.00 price objective for the company. Robert W. Baird increased their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. KeyCorp lifted their price objective on Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 3rd. Bank of America upgraded Applied Industrial Technologies from a "neutral" rating to a "buy" rating and upped their target price for the company from $285.00 to $315.00 in a report on Tuesday, November 26th. Finally, Loop Capital raised their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a "buy" rating in a report on Monday, October 28th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $285.71.

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.