Algert Global LLC Sells 3,305 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Algert Global LLC lessened its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 9.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 31,146 shares of the industrial products company’s stock after selling 3,305 shares during the period. Algert Global LLC’s holdings in Applied Industrial Technologies were worth $6,950,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Quadrature Capital Ltd acquired a new stake in Applied Industrial Technologies during the 1st quarter valued at $593,000. Sanctuary Advisors LLC acquired a new stake in Applied Industrial Technologies during the 2nd quarter valued at $1,279,000. Janney Montgomery Scott LLC increased its holdings in Applied Industrial Technologies by 126.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 4,396 shares of the industrial products company’s stock valued at $981,000 after purchasing an additional 2,451 shares in the last quarter. Dana Investment Advisors Inc. increased its holdings in Applied Industrial Technologies by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock valued at $1,928,000 after purchasing an additional 65 shares in the last quarter. Finally, SG Capital Management LLC acquired a new stake in Applied Industrial Technologies during the 1st quarter valued at $4,775,000. Institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Up 2.9 %

Shares of Applied Industrial Technologies stock opened at $277.11 on Friday. 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 business has a fifty day simple moving average of $237.10 and a 200 day simple moving average of $210.98. The stock has a market cap of $10.65 billion, a PE 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 business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the firm earned $2.39 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. Research analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.37 per share. The ex-dividend date 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 (DPR) is presently 15.10%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Bank of America raised their price target on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Mizuho initiated coverage on Applied Industrial Technologies in a report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price target for the company. KeyCorp lifted their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Oppenheimer lifted their target price on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Finally, Raymond James lifted their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $267.86.

Insider Buying and Selling

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of Applied Industrial Technologies stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the transaction, the vice president now directly owns 19,315 shares in the company, valued at approximately $3,922,876.50. The trade was a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.67% of the stock is owned by insiders.

About Applied Industrial Technologies

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.