American International Group Inc. Has $3.63 Million Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

American International Group Inc. reduced its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 0.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 21,018 shares of the industrial products company’s stock after selling 170 shares during the quarter. American International Group Inc.’s holdings in Applied Industrial Technologies were worth $3,630,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in AIT. Paralel Advisors LLC lifted its holdings in shares of Applied Industrial Technologies by 1.2% during the third quarter. Paralel Advisors LLC now owns 13,456 shares of the industrial products company’s stock worth $2,080,000 after buying an additional 154 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in Applied Industrial Technologies in the 3rd quarter worth about $251,000. Envestnet Asset Management Inc. boosted its holdings in Applied Industrial Technologies by 86.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 44,960 shares of the industrial products company’s stock valued at $6,951,000 after purchasing an additional 20,889 shares during the period. Dark Forest Capital Management LP acquired a new position in shares of Applied Industrial Technologies during the 3rd quarter worth approximately $269,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Applied Industrial Technologies during the third quarter worth approximately $1,855,000. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $188.57 on Monday. The firm’s 50 day simple moving average is $189.86 and its 200 day simple moving average is $184.65. The firm has a market capitalization of $7.28 billion, a price-to-earnings ratio of 19.77, a P/E/G ratio of 1.95 and a beta of 1.08. The company has a current ratio of 3.77, a quick ratio of 2.70 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies, Inc. has a 1 year low of $135.93 and a 1 year high of $201.76.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.08. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the business posted $2.38 EPS. The company’s revenue was down 2.8% compared to the same quarter last year. As a group, research analysts expect that Applied Industrial Technologies, Inc. will post 9.62 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Wednesday, May 15th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend was Tuesday, May 14th. Applied Industrial Technologies’s dividend payout ratio is presently 15.51%.

Insiders Place Their Bets

In other news, VP Jason W. Vasquez sold 650 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $196.71, for a total value of $127,861.50. Following the sale, the vice president now directly owns 22,960 shares in the company, valued at approximately $4,516,461.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. KeyCorp boosted their price target on Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Oppenheimer assumed coverage on Applied Industrial Technologies in a research report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $201.00.

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.