Algert Global LLC Has $6.95 Million Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Algert Global LLC reduced its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 9.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,146 shares of the industrial products company’s stock after selling 3,305 shares during the period. Algert Global LLC owned about 0.08% of Applied Industrial Technologies worth $6,950,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Citigroup Inc. increased its position in Applied Industrial Technologies by 123.0% in the 3rd quarter. Citigroup Inc. now owns 40,048 shares of the industrial products company’s stock worth $8,936,000 after purchasing an additional 22,089 shares during the last quarter. Raymond James Trust N.A. acquired a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at about $279,000. Eagle Asset Management Inc. acquired a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at about $13,034,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Applied Industrial Technologies by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,317 shares of the industrial products company’s stock valued at $127,032,000 after acquiring an additional 3,887 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at about $1,776,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

AIT opened at $277.11 on Friday. The stock’s 50 day moving average price is $237.10 and its two-hundred day moving average price is $210.98. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies, Inc. has a 12-month low of $155.47 and a 12-month high of $277.63. The firm has a market capitalization of $10.65 billion, a P/E ratio of 28.28, a price-to-earnings-growth ratio of 3.69 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the company earned $2.39 EPS. The company’s quarterly revenue was up .3% on a year-over-year basis. On average, equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.37 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.53%. Applied Industrial Technologies’s dividend payout ratio is currently 15.10%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on AIT shares. Raymond James increased their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, October 25th. KeyCorp increased their price objective on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Bank of America increased their price objective on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a report on Friday, October 25th. StockNews.com raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Loop Capital raised their target price on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $267.86.

Insiders Place Their Bets

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the completion of the sale, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. This trade represents a 20.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.67% of the company’s stock.

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.