Meeder Asset Management Inc. decreased its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 95.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 176 shares of the industrial products company's stock after selling 3,759 shares during the period. Meeder Asset Management Inc.'s holdings in Applied Industrial Technologies were worth $39,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of AIT. Boston Trust Walden Corp lifted its position in shares of Applied Industrial Technologies by 1.2% during the second quarter. Boston Trust Walden Corp now owns 630,915 shares of the industrial products company's stock worth $122,398,000 after acquiring an additional 7,720 shares in the last quarter. Dundas Partners LLP purchased a new stake in shares of Applied Industrial Technologies during the second quarter worth $46,805,000. Handelsbanken Fonder AB lifted its position in shares of Applied Industrial Technologies by 28.7% during the third quarter. Handelsbanken Fonder AB now owns 221,823 shares of the industrial products company's stock worth $49,495,000 after acquiring an additional 49,500 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Applied Industrial Technologies by 18.2% during the second quarter. Victory Capital Management Inc. now owns 204,430 shares of the industrial products company's stock worth $39,659,000 after acquiring an additional 31,514 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its position in shares of Applied Industrial Technologies by 65.6% during the third quarter. New York State Common Retirement Fund now owns 144,621 shares of the industrial products company's stock worth $32,269,000 after acquiring an additional 57,283 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.
Insiders Place Their Bets
In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the firm's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now directly owns 19,315 shares in the company, valued at $4,037,221.30. This trade represents a 14.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.67% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on AIT shares. Raymond James increased their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. KeyCorp increased their price objective on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. StockNews.com upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Loop Capital increased their price objective on Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a "buy" rating in a research report on Monday, October 28th. Finally, Bank of America increased their price objective on Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a "neutral" rating in a research report on Friday, October 25th. Two investment 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 company has an average rating of "Moderate Buy" and a consensus price target of $267.86.
Get Our Latest Report on AIT
Applied Industrial Technologies Stock Down 0.1 %
Shares of NYSE:AIT opened at $265.96 on Thursday. The stock's 50-day moving average price is $232.93 and its 200-day moving average price is $209.58. Applied Industrial Technologies, Inc. has a 12-month low of $155.47 and a 12-month high of $276.97. The stock has a market capitalization of $10.23 billion, a P/E ratio of 27.14, a price-to-earnings-growth ratio of 3.66 and a beta of 1.03. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33.
Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share 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 analyst estimates of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. Applied Industrial Technologies's revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $2.39 earnings per share. On average, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.
Applied Industrial Technologies Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.37 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.48 annualized dividend and a yield of 0.56%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 15.10%.
About Applied Industrial Technologies
(
Free Report)
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.
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