Insider Selling: Applied Industrial Technologies (NYSE:AIT) Director Sells 16,031 Shares of Stock

Applied Industrial Technologies (NYSE:AIT) Director Jerry Sue Thornton sold 16,031 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $53.45, for a total transaction of $856,856.95. Following the completion of the sale, the director now owns 55,003 shares of the company’s stock, valued at $2,939,910.35. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Applied Industrial Technologies stock traded up $0.98 during midday trading on Friday, hitting $57.51. The stock had a trading volume of 1,796 shares, compared to its average volume of 259,473. The company has a current ratio of 2.71, a quick ratio of 1.65 and a debt-to-equity ratio of 1.01. Applied Industrial Technologies has a 52-week low of $49.45 and a 52-week high of $82.35. The firm’s fifty day moving average is $55.11 and its two-hundred day moving average is $57.66. The company has a market capitalization of $2.15 billion, a PE ratio of 12.80 and a beta of 1.35.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Wednesday, August 14th. The industrial products company reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.17). The firm had revenue of $882.70 million for the quarter, compared to the consensus estimate of $919.72 million. Applied Industrial Technologies had a net margin of 4.15% and a return on equity of 19.53%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.03 earnings per share. As a group, equities research analysts predict that Applied Industrial Technologies will post 4.4 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.16%. Applied Industrial Technologies’s dividend payout ratio is currently 28.12%.

A number of equities analysts recently issued reports on AIT shares. Wells Fargo & Co dropped their price target on shares of Applied Industrial Technologies from $60.00 to $55.00 and set a “market perform” rating on the stock in a research note on Thursday, August 15th. ValuEngine cut shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, September 5th. Finally, KeyCorp restated an “overweight” rating and set a $65.00 target price (down previously from $70.00) on shares of Applied Industrial Technologies in a research note on Thursday, August 15th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $63.33.

A number of institutional investors and hedge funds have recently modified their holdings of AIT. Emerald Advisers LLC bought a new stake in shares of Applied Industrial Technologies during the second quarter worth $4,493,000. Strs Ohio lifted its position in shares of Applied Industrial Technologies by 0.9% during the second quarter. Strs Ohio now owns 76,500 shares of the industrial products company’s stock worth $4,707,000 after purchasing an additional 700 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Applied Industrial Technologies by 5.2% during the first quarter. Wells Fargo & Company MN now owns 947,772 shares of the industrial products company’s stock valued at $56,363,000 after buying an additional 47,191 shares during the period. Municipal Employees Retirement System of Michigan increased its stake in shares of Applied Industrial Technologies by 45.8% during the second quarter. Municipal Employees Retirement System of Michigan now owns 16,560 shares of the industrial products company’s stock valued at $1,019,000 after buying an additional 5,200 shares during the period. Finally, Copper Rock Capital Partners LLC increased its stake in shares of Applied Industrial Technologies by 33.5% during the second quarter. Copper Rock Capital Partners LLC now owns 371,878 shares of the industrial products company’s stock valued at $22,882,000 after buying an additional 93,271 shares during the period. Institutional investors own 88.99% of the company’s stock.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.

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