Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. trimmed its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 22.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 158,185 shares of the industrial products company's stock after selling 46,245 shares during the period. Victory Capital Management Inc. owned 0.41% of Applied Industrial Technologies worth $35,296,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of AIT. EntryPoint Capital LLC acquired a new position in Applied Industrial Technologies during the first quarter worth $25,000. Headlands Technologies LLC acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at about $32,000. V Square Quantitative Management LLC purchased a new stake in shares of Applied Industrial Technologies in the third quarter valued at about $34,000. Finally, Quarry LP acquired a new stake in Applied Industrial Technologies during the second quarter worth about $39,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Price Performance

Shares of AIT traded down $3.83 during mid-day trading on Friday, reaching $266.73. 182,504 shares of the company's stock were exchanged, compared to its average volume of 278,417. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies, Inc. has a 52-week low of $155.47 and a 52-week high of $276.97. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 27.22, a PEG ratio of 3.66 and a beta of 1.03. The company has a 50-day simple moving average of $230.16 and a two-hundred day simple moving average of $208.23.

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

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.55%. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 15.10%.

Insider Activity at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 3,366 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at approximately $4,037,221.30. This trade represents a 14.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Neil A. Schrimsher sold 3,703 shares of the business's stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the sale, the chief executive officer now directly owns 205,708 shares of the company's stock, valued at $41,602,385.92. The trade was a 1.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,927 shares of company stock worth $2,439,116. 1.67% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on AIT. Raymond James increased 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 note on Friday, October 25th. Mizuho initiated coverage on Applied Industrial Technologies in a report on Tuesday, October 22nd. They set an "outperform" rating and a $285.00 price target for the company. Bank of America increased their target price on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a "neutral" rating in a research note on Friday, October 25th. Robert W. Baird boosted their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Finally, Oppenheimer increased their price objective on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an "outperform" rating in a research report on Thursday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $267.86.

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.