Zhang Financial LLC Cuts Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Zhang Financial LLC cut its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 30.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,793 shares of the industrial products company's stock after selling 7,500 shares during the quarter. Zhang Financial LLC's holdings in Applied Industrial Technologies were worth $3,747,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of AIT. NBC Securities Inc. increased its stake in shares of Applied Industrial Technologies by 59.5% in the 3rd quarter. NBC Securities Inc. now owns 1,853 shares of the industrial products company's stock valued at $413,000 after purchasing an additional 691 shares in the last quarter. Creative Planning grew its holdings in Applied Industrial Technologies by 27.2% in the third quarter. Creative Planning now owns 11,239 shares of the industrial products company's stock valued at $2,508,000 after purchasing an additional 2,400 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Applied Industrial Technologies by 19.8% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,084 shares of the industrial products company's stock valued at $688,000 after buying an additional 510 shares in the last quarter. Exchange Traded Concepts LLC acquired a new position in shares of Applied Industrial Technologies during the 3rd quarter worth approximately $2,328,000. Finally, UMB Bank n.a. lifted its position in shares of Applied Industrial Technologies by 68.1% during the 3rd quarter. UMB Bank n.a. now owns 190 shares of the industrial products company's stock valued at $42,000 after buying an additional 77 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was 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 $4,037,221.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction dated 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 transaction, the vice president now owns 19,315 shares of the company's stock, valued at $4,037,221.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the sale, the chief executive officer now owns 205,708 shares of the company's stock, valued at approximately $41,602,385.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,927 shares of company stock worth $2,439,116 in the last 90 days. Insiders own 2.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Robert W. Baird upped their price objective on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the stock an "outperform" rating in a research report on Thursday, August 29th. Raymond James initiated coverage on Applied Industrial Technologies in a report on Wednesday, September 4th. They issued an "outperform" rating and a $225.00 price objective on the stock. StockNews.com cut Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, September 5th. Northcoast Research started coverage on Applied Industrial Technologies in a research note on Monday, July 1st. They issued a "neutral" rating on the stock. Finally, KeyCorp increased their price objective on Applied Industrial Technologies from $215.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, September 23rd. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $229.50.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT traded down $0.87 during midday trading on Tuesday, hitting $226.98. The company had a trading volume of 144,201 shares, compared to its average volume of 288,918. Applied Industrial Technologies, Inc. has a twelve month low of $149.59 and a twelve month high of $230.48. The stock has a market cap of $8.76 billion, a price-to-earnings ratio of 24.00, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. The business's 50-day simple moving average is $208.85 and its 200-day simple moving average is $199.02.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.52 by $0.12. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the company earned $2.35 EPS. The company's revenue for the quarter was up .2% on a year-over-year basis. On average, research analysts predict that Applied Industrial Technologies, Inc. will post 9.69 earnings per share for the current year.

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.