Allspring Global Investments Holdings LLC Trims Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Allspring Global Investments Holdings LLC reduced its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 7.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 428,990 shares of the industrial products company's stock after selling 35,751 shares during the period. Allspring Global Investments Holdings LLC owned about 1.11% of Applied Industrial Technologies worth $95,721,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Harfst & Associates Inc. lifted its holdings in shares of Applied Industrial Technologies by 23.2% in the third quarter. Harfst & Associates Inc. now owns 9,904 shares of the industrial products company's stock worth $2,210,000 after buying an additional 1,863 shares in the last quarter. Raymond James & Associates grew its position in Applied Industrial Technologies by 19.4% in the third quarter. Raymond James & Associates now owns 14,612 shares of the industrial products company's stock worth $3,260,000 after acquiring an additional 2,371 shares in the last quarter. Blue Trust Inc. raised its position in Applied Industrial Technologies by 2.4% during the third quarter. Blue Trust Inc. now owns 12,742 shares of the industrial products company's stock valued at $2,843,000 after purchasing an additional 298 shares during the period. Trust Point Inc. bought a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at approximately $231,000. Finally, V Square Quantitative Management LLC purchased a new position in Applied Industrial Technologies during the third quarter worth $34,000. Institutional investors own 93.52% of the company's stock.

Insider Activity at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the transaction, the vice president now owns 19,315 shares of the company's stock, valued at approximately $4,037,221.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the transaction, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the transaction, the vice president now directly owns 19,315 shares in the company, valued at approximately $4,037,221.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,927 shares of company stock worth $2,439,116. Insiders own 2.20% of the company's stock.

Applied Industrial Technologies Stock Performance

Shares of AIT stock traded down $2.04 during mid-day trading on Monday, reaching $230.03. The stock had a trading volume of 118,373 shares, compared to its average volume of 287,014. The company has a current ratio of 3.53, a quick ratio of 2.56 and a debt-to-equity ratio of 0.34. The business's fifty day moving average is $212.49 and its 200-day moving average is $200.31. Applied Industrial Technologies, Inc. has a 1-year low of $149.59 and a 1-year high of $235.75. The firm has a market cap of $8.88 billion, a price-to-earnings ratio of 24.11, a PEG ratio of 3.12 and a beta of 1.03.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on AIT. Loop Capital upped their price objective on Applied Industrial Technologies from $215.00 to $230.00 and gave the company a "buy" rating in a research report on Friday, August 16th. 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 shares of Applied Industrial Technologies in a research report on Monday, July 1st. They issued a "neutral" rating for the company. Bank of America began coverage on shares of Applied Industrial Technologies in a research note on Monday, October 7th. They issued a "neutral" rating and a $232.00 price objective for the company. Finally, Robert W. Baird raised their price objective 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. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $236.17.

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.