Caprock Group LLC Makes New $405,000 Investment in Applied Industrial Technologies, Inc. (NYSE:AIT)

Caprock Group LLC purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,088 shares of the industrial products company’s stock, valued at approximately $405,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. EntryPoint Capital LLC purchased a new stake in shares of Applied Industrial Technologies in the 1st quarter valued at about $25,000. ICA Group Wealth Management LLC purchased a new stake in shares of Applied Industrial Technologies in the 4th quarter valued at about $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Applied Industrial Technologies in the 2nd quarter valued at about $32,000. ZRC Wealth Management LLC purchased a new stake in shares of Applied Industrial Technologies in the 1st quarter valued at about $42,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Applied Industrial Technologies by 68.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 305 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 124 shares during the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the sale, the chief executive officer now owns 205,708 shares in the company, valued at approximately $41,602,385.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, VP Kurt W. Loring sold 4,858 shares of the company’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 sale, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the sale, the chief executive officer now owns 205,708 shares in the company, valued at approximately $41,602,385.92. The disclosure for this sale can be found here. Insiders have sold a total of 11,927 shares of company stock worth $2,439,116 in the last quarter. Company insiders own 2.20% of the company’s stock.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $201.96 on Friday. The company has a current ratio of 3.53, a quick ratio of 2.56 and a debt-to-equity ratio of 0.34. The business’s 50 day moving average is $201.15 and its two-hundred day moving average is $194.36. Applied Industrial Technologies, Inc. has a 12-month low of $149.59 and a 12-month high of $223.15. The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of 21.17, a PEG ratio of 1.96 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter in the previous year, the firm posted $2.35 EPS. The firm’s quarterly revenue was up .2% on a year-over-year basis. Research analysts expect that Applied Industrial Technologies, Inc. will post 9.86 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Thursday, August 15th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 0.73%. The ex-dividend date was Thursday, August 15th. Applied Industrial Technologies’s payout ratio is 15.51%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on AIT shares. KeyCorp boosted their target price on Applied Industrial Technologies from $210.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, August 16th. Loop Capital boosted their price target on Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, August 16th. Robert W. Baird boosted their price target on Applied Industrial Technologies from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. StockNews.com cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Finally, Northcoast Research assumed coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating on the stock. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $223.00.

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.