Paralel Advisors LLC Sells 1,901 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Paralel Advisors LLC trimmed its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 14.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,555 shares of the industrial products company’s stock after selling 1,901 shares during the quarter. Paralel Advisors LLC’s holdings in Applied Industrial Technologies were worth $2,242,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AIT. EntryPoint Capital LLC acquired a new position in shares of Applied Industrial Technologies during the first quarter worth $25,000. ICA Group Wealth Management LLC bought a new position in Applied Industrial Technologies during the 4th quarter worth $26,000. Opal Wealth Advisors LLC acquired a new position in Applied Industrial Technologies during the 2nd quarter worth about $32,000. ZRC Wealth Management LLC bought a new stake in shares of Applied Industrial Technologies in the 1st quarter valued at about $42,000. Finally, Covestor Ltd grew its position in shares of Applied Industrial Technologies by 300.0% in the 1st quarter. Covestor Ltd now owns 292 shares of the industrial products company’s stock valued at $58,000 after buying an additional 219 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the transaction, the chief executive officer now owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction 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 sale, the vice president now directly owns 19,315 shares in the company, valued at $3,922,876.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the transaction, the chief executive officer now directly owns 205,708 shares in the company, valued at approximately $41,602,385.92. The disclosure for this sale can be found here. Insiders sold 11,927 shares of company stock worth $2,439,116 over the last three months. 2.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on AIT shares. Raymond James began coverage on Applied Industrial Technologies in a research note on Wednesday. They issued an “outperform” rating and a $225.00 price objective on the stock. Robert W. Baird boosted their price target on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Northcoast Research assumed coverage on shares of Applied Industrial Technologies in a report on Monday, July 1st. They issued a “neutral” rating on the stock. StockNews.com lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, KeyCorp lifted their target price on Applied Industrial Technologies from $210.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, August 16th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $223.00.

Applied Industrial Technologies Stock Down 1.0 %

Shares of AIT stock traded down $1.86 on Friday, reaching $193.61. 206,023 shares of the company were exchanged, compared to its average volume of 300,251. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. The company has a 50-day moving average of $200.57 and a 200-day moving average of $194.04. The company has a market cap of $7.47 billion, a price-to-earnings ratio of 20.29, a PEG ratio of 2.13 and a beta of 1.03. Applied Industrial Technologies, Inc. has a one year low of $149.59 and a one year high of $223.15.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, beating analysts’ consensus estimates of $2.52 by $0.12. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the firm posted $2.35 earnings per share. The company’s revenue for the quarter was up .2% compared to the same quarter last year. Analysts anticipate that Applied Industrial Technologies, Inc. will post 9.65 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date was Thursday, August 15th. Applied Industrial Technologies’s dividend payout ratio is currently 15.51%.

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.