Applied Industrial Technologies, Inc. (NYSE:AIT) Stock Position Reduced by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio decreased its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 32.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,488 shares of the industrial products company’s stock after selling 730 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Applied Industrial Technologies were worth $332,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of AIT. State Street Corp raised its position in Applied Industrial Technologies by 2.4% during the third quarter. State Street Corp now owns 1,441,051 shares of the industrial products company’s stock valued at $321,542,000 after acquiring an additional 34,113 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Applied Industrial Technologies by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,317 shares of the industrial products company’s stock valued at $127,032,000 after purchasing an additional 3,887 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new stake in Applied Industrial Technologies in the third quarter worth $84,139,000. ArrowMark Colorado Holdings LLC raised its holdings in Applied Industrial Technologies by 9.3% during the third quarter. ArrowMark Colorado Holdings LLC now owns 277,335 shares of the industrial products company’s stock valued at $61,882,000 after buying an additional 23,710 shares in the last quarter. Finally, Dundas Partners LLP bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth about $46,805,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Down 1.2 %

Shares of AIT stock opened at $240.58 on Friday. Applied Industrial Technologies, Inc. has a one year low of $163.50 and a one year high of $282.98. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.78 and a quick ratio of 2.74. The stock has a fifty day moving average price of $255.73 and a 200 day moving average price of $221.18. The stock has a market cap of $9.25 billion, a P/E ratio of 24.55, a price-to-earnings-growth ratio of 3.71 and a beta of 1.05.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the business earned $2.39 EPS. The firm’s revenue was up .3% on a year-over-year basis. Analysts predict that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 0.62%. The ex-dividend date was Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio is 15.10%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on AIT shares. Robert W. Baird upped their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. KeyCorp lifted their target price on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. StockNews.com cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday. Mizuho initiated coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective on the stock. Finally, Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and increased their target price for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and an average target price of $285.71.

Insider Buying and Selling at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the completion of the sale, the vice president now directly owns 55,709 shares of the company’s stock, valued at $15,689,882.76. This trade represents a 6.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mary Dean Hall sold 2,200 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total value of $605,176.00. Following the completion of the transaction, the director now directly owns 3,462 shares in the company, valued at approximately $952,326.96. This represents a 38.86 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.67% of the company’s stock.

Applied Industrial Technologies 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.