Summit Trail Advisors LLC Decreases Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Summit Trail Advisors LLC lessened its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 8.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,705 shares of the industrial products company’s stock after selling 153 shares during the quarter. Summit Trail Advisors LLC’s holdings in Applied Industrial Technologies were worth $380,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. GHP Investment Advisors Inc. boosted its position in Applied Industrial Technologies by 3.9% during the third quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock worth $255,000 after acquiring an additional 43 shares during the last quarter. QRG Capital Management Inc. grew its position in shares of Applied Industrial Technologies by 0.9% in the second quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company’s stock valued at $1,254,000 after purchasing an additional 55 shares in the last quarter. Miller Howard Investments Inc. NY increased its holdings in shares of Applied Industrial Technologies by 2.4% in the second quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock valued at $446,000 after purchasing an additional 55 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in Applied Industrial Technologies by 0.4% during the second quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock worth $3,374,000 after buying an additional 61 shares in the last quarter. Finally, Dana Investment Advisors Inc. boosted its stake in Applied Industrial Technologies by 0.7% during the second quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock worth $1,928,000 after buying an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. StockNews.com raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Raymond James raised their price objective on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Oppenheimer boosted their target price on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Bank of America raised shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and increased their price target for the company from $285.00 to $315.00 in a research note on Tuesday. Finally, Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $278.57.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $280.71 on Wednesday. The company’s 50 day simple moving average is $239.85 and its 200-day simple moving average is $212.39. 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 1 year low of $155.47 and a 1 year high of $282.32. The company has a market capitalization of $10.79 billion, a price-to-earnings ratio of 28.64, a price-to-earnings-growth ratio of 3.80 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the prior year, the firm earned $2.39 earnings per share. The firm’s revenue was up .3% compared to the same quarter last year. As a group, equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is 15.10%.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction of $986,659.80. Following the sale, the vice president now directly owns 19,315 shares in the company, valued at $3,922,876.50. This represents a 20.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.67% of the stock is currently owned by corporate insiders.

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.