MAI Capital Management Decreases Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

MAI Capital Management decreased its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 4.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 8,875 shares of the industrial products company’s stock after selling 402 shares during the period. MAI Capital Management’s holdings in Applied Industrial Technologies were worth $1,980,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. EntryPoint Capital LLC bought a new stake in Applied Industrial Technologies in the first quarter valued at $25,000. Headlands Technologies LLC bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter valued at about $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Applied Industrial Technologies during the second quarter valued at about $32,000. V Square Quantitative Management LLC purchased a new position in shares of Applied Industrial Technologies during the third quarter valued at about $34,000. Finally, Quarry LP bought a new position in Applied Industrial Technologies in the second quarter worth about $39,000. Institutional investors own 93.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on AIT shares. Loop Capital lifted their price objective on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, October 28th. StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Bank of America increased their price objective on Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Oppenheimer boosted their target price on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Finally, KeyCorp increased their price target on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $267.86.

Applied Industrial Technologies Stock Down 0.1 %

Applied Industrial Technologies stock opened at $265.96 on Thursday. Applied Industrial Technologies, Inc. has a 12 month low of $155.47 and a 12 month high of $276.97. The stock has a fifty day simple moving average of $232.93 and a two-hundred day simple moving average of $209.58. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. The firm has a market cap of $10.23 billion, a price-to-earnings ratio of 27.17, a PEG ratio of 3.66 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results 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. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the business posted $2.39 earnings per share. Equities analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.10%.

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies 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 owns 19,315 shares in the company, valued at $4,037,221.30. This trade represents a 14.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.67% of the stock is owned by corporate insiders.

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.