Wellington Management Group LLP trimmed its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 8.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 527,863 shares of the industrial products company's stock after selling 46,558 shares during the period. Wellington Management Group LLP owned about 1.37% of Applied Industrial Technologies worth $117,782,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Dundas Partners LLP purchased a new position in shares of Applied Industrial Technologies during the 2nd quarter worth about $46,805,000. Westfield Capital Management Co. LP purchased a new position in shares of Applied Industrial Technologies in the 3rd quarter worth $32,233,000. Fiera Capital Corp boosted its holdings in Applied Industrial Technologies by 456.3% in the third quarter. Fiera Capital Corp now owns 130,895 shares of the industrial products company's stock valued at $29,207,000 after acquiring an additional 107,365 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Applied Industrial Technologies in the 3rd quarter worth about $213,590,000. Finally, F M Investments LLC purchased a new position in Applied Industrial Technologies in the second quarter valued at approximately $15,690,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.
Applied Industrial Technologies Stock Down 0.5 %
Shares of Applied Industrial Technologies stock traded down $1.43 during trading on Tuesday, reaching $270.50. The company had a trading volume of 231,543 shares, compared to its average volume of 284,110. 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 fifty-two week low of $163.50 and a fifty-two week high of $282.98. The firm's fifty day moving average is $249.42 and its 200-day moving average is $217.26. The company has a market cap of $10.40 billion, a price-to-earnings ratio of 27.60, a price-to-earnings-growth ratio of 3.76 and a beta of 1.05.
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 earnings per share (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 firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter in the prior year, the firm posted $2.39 earnings per share. Applied Industrial Technologies's revenue for the quarter was up .3% compared to the same quarter last year. On average, analysts anticipate that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current year.
Applied Industrial Technologies Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a $0.37 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.55%. Applied Industrial Technologies's payout ratio is currently 15.10%.
Insider Activity
In related news, VP Warren E. Hoffner III sold 4,000 shares of the business's stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the completion of the transaction, the vice president now owns 55,709 shares in the company, valued at $15,689,882.76. The trade was a 6.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mary Dean Hall sold 2,200 shares of the firm's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total value of $605,176.00. Following the completion of the sale, the director now owns 3,462 shares in the company, valued at $952,326.96. The trade was a 38.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.67% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on AIT shares. Robert W. Baird lifted their target price on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Mizuho began coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an "outperform" rating and a $285.00 target price for the company. Oppenheimer raised their target price on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an "outperform" rating in a report on Thursday, November 14th. Raymond James increased their price objective on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the company an "outperform" rating in a research report on Friday, October 25th. Finally, Bank of America upgraded shares of Applied Industrial Technologies from a "neutral" rating to a "buy" rating and upped their target price for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $285.71.
View Our Latest Research Report on AIT
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.
See Also
Before you consider Applied Industrial Technologies, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Applied Industrial Technologies wasn't on the list.
While Applied Industrial Technologies currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
As the AI market heats up, investors who have a vision for artificial intelligence have the potential to see real returns. Learn about the industry as a whole as well as seven companies that are getting work done with the power of AI.
Get This Free Report
