AQR Capital Management LLC Grows Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

AQR Capital Management LLC grew its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 57.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 52,476 shares of the industrial products company’s stock after purchasing an additional 19,169 shares during the period. AQR Capital Management LLC owned approximately 0.14% of Applied Industrial Technologies worth $10,120,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. EntryPoint Capital LLC purchased a new stake in Applied Industrial Technologies in the first quarter valued at about $25,000. Headlands Technologies LLC purchased a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new stake in Applied Industrial Technologies in the 2nd quarter worth approximately $32,000. ZRC Wealth Management LLC purchased a new stake in Applied Industrial Technologies during the 1st quarter worth approximately $42,000. Finally, EverSource Wealth Advisors LLC increased its stake in Applied Industrial Technologies by 68.5% during 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 in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the sale, the vice president now directly owns 19,315 shares in the company, valued at approximately $4,037,221.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 19,315 shares in the company, valued at $3,922,876.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the transaction, the vice president now directly owns 19,315 shares in the company, valued at $4,037,221.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,927 shares of company stock valued at $2,439,116. Corporate insiders own 2.20% of the company’s stock.

Applied Industrial Technologies Stock Performance

Shares of AIT stock opened at $221.98 on Thursday. Applied Industrial Technologies, Inc. has a 52-week low of $149.59 and a 52-week high of $226.31. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34. The stock has a market cap of $8.57 billion, a PE ratio of 23.27, a price-to-earnings-growth ratio of 2.31 and a beta of 1.03. The business has a 50-day simple moving average of $206.73 and a 200-day simple moving average of $197.55.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, topping the consensus estimate of $2.52 by $0.12. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.19 billion. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The business’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.35 EPS. On average, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.71 EPS for the current year.

Wall Street Analyst Weigh In

AIT has been the subject of several research reports. Robert W. Baird lifted their price objective on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. KeyCorp lifted their price target on Applied Industrial Technologies from $215.00 to $245.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Northcoast Research started coverage on Applied Industrial Technologies in a report on Monday, July 1st. They issued a “neutral” rating on the stock. Raymond James assumed coverage on Applied Industrial Technologies in a report on Wednesday, September 4th. They set an “outperform” rating and a $225.00 target price for the company. Finally, StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $229.00.

Applied Industrial Technologies Company 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.