JPMorgan Chase & Co. Sells 143,160 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

JPMorgan Chase & Co. reduced its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 10.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,192,048 shares of the industrial products company's stock after selling 143,160 shares during the period. JPMorgan Chase & Co. owned about 3.10% of Applied Industrial Technologies worth $265,982,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AIT. Barclays PLC lifted its stake in shares of Applied Industrial Technologies by 156.6% in the 3rd quarter. Barclays PLC now owns 74,109 shares of the industrial products company's stock valued at $16,537,000 after purchasing an additional 45,224 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in Applied Industrial Technologies during the third quarter valued at about $32,233,000. Sanctuary Advisors LLC acquired a new stake in shares of Applied Industrial Technologies in the second quarter worth about $1,279,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Applied Industrial Technologies during the 3rd quarter worth about $3,591,000. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Applied Industrial Technologies by 126.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 4,396 shares of the industrial products company's stock valued at $981,000 after acquiring an additional 2,451 shares during the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on AIT. StockNews.com cut Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, December 19th. Oppenheimer upped their price objective on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an "outperform" rating in a report on Thursday, November 14th. Bank of America upgraded shares of Applied Industrial Technologies from a "neutral" rating to a "buy" rating and raised their target price for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. Raymond James boosted their target price on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. Finally, Robert W. Baird raised their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $285.71.

Insider Activity

In related news, Director Mary Dean Hall sold 2,200 shares of the firm's stock in a transaction that occurred on Wednesday, November 27th. The stock was 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 owns 3,462 shares in the company, valued at $952,326.96. This trade represents a 38.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Warren E. Hoffner III sold 4,000 shares of the company's stock in a transaction 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 owns 55,709 shares in the company, valued at $15,689,882.76. This trade represents a 6.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.67% of the company's stock.

Applied Industrial Technologies Stock Performance

Shares of NYSE:AIT traded up $0.81 on Tuesday, hitting $239.47. 195,230 shares of the company were exchanged, compared to its average volume of 286,257. The company's 50 day moving average price is $257.33 and its two-hundred day moving average price is $224.06. The firm has a market capitalization of $9.21 billion, a price-to-earnings ratio of 24.44, a PEG ratio of 3.71 and a beta of 1.05. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. 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 - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The company's quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the company earned $2.39 EPS. Research analysts expect that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend was Friday, November 15th. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 15.10%.

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.