Applied Industrial Technologies, Inc. (NYSE:AIT) Holdings Reduced by Cinctive Capital Management LP

Cinctive Capital Management LP lessened its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 65.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,969 shares of the industrial products company's stock after selling 3,791 shares during the period. Cinctive Capital Management LP's holdings in Applied Industrial Technologies were worth $439,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Headlands Technologies LLC acquired a new position in Applied Industrial Technologies in the second quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at $32,000. V Square Quantitative Management LLC acquired a new position in shares of Applied Industrial Technologies in the 3rd quarter valued at $34,000. First Horizon Advisors Inc. lifted its stake in Applied Industrial Technologies by 106.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company's stock worth $38,000 after acquiring an additional 88 shares in the last quarter. Finally, Quarry LP acquired a new position in Applied Industrial Technologies during the 2nd quarter worth about $39,000. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Price Performance

Shares of AIT traded up $0.57 during mid-day trading on Wednesday, hitting $277.68. The company's stock had a trading volume of 204,186 shares, compared to its average volume of 285,743. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. The firm has a 50-day simple moving average of $246.36 and a 200 day simple moving average of $215.57. The firm has a market capitalization of $10.68 billion, a P/E ratio of 28.33, a P/E/G ratio of 3.74 and a beta of 1.05. Applied Industrial Technologies, Inc. has a 1-year low of $162.19 and a 1-year high of $282.98.

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, beating the consensus estimate 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 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 firm earned $2.39 EPS. The company's quarterly revenue was up .3% compared to the same quarter last year. Analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 0.53%. The ex-dividend date was Friday, November 15th. Applied Industrial Technologies's payout ratio is 15.10%.

Insiders Place Their Bets

In related news, Director Mary Dean Hall sold 2,200 shares of Applied Industrial Technologies stock in a transaction on Wednesday, November 27th. The stock was 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 in the company, valued at approximately $952,326.96. This trade represents a 38.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Warren E. Hoffner III sold 4,000 shares of the business's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total value of $1,126,560.00. Following the transaction, the vice president now owns 55,709 shares in the company, valued at approximately $15,689,882.76. This represents a 6.70 % decrease in their position. The disclosure for this sale can be found here. 1.67% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

AIT has been the topic of several recent research reports. Loop Capital upped their price target on Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a "buy" rating in a report on Monday, October 28th. Oppenheimer increased their price objective on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an "outperform" rating in a report on Thursday, November 14th. 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 on the stock. Bank of America upgraded Applied Industrial Technologies from a "neutral" rating to a "buy" rating and increased their price objective for the company from $285.00 to $315.00 in a report on Tuesday, November 26th. Finally, Raymond James increased 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. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $285.71.

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.