Xponance Inc. Lowers Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Xponance Inc. trimmed its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 5.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,207 shares of the industrial products company’s stock after selling 329 shares during the period. Xponance Inc.’s holdings in Applied Industrial Technologies were worth $1,010,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Quadrature Capital Ltd purchased a new position in Applied Industrial Technologies in the first quarter worth $593,000. American International Group Inc. boosted its holdings in Applied Industrial Technologies by 232.6% during the first quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock worth $13,809,000 after buying an additional 48,883 shares in the last quarter. Hennessy Advisors Inc. grew its position in Applied Industrial Technologies by 18.3% during the first quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock worth $36,606,000 after buying an additional 28,700 shares during the period. Campbell & CO Investment Adviser LLC grew its position in Applied Industrial Technologies by 116.3% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 7,623 shares of the industrial products company’s stock worth $1,316,000 after buying an additional 4,098 shares during the period. Finally, Stifel Financial Corp increased its holdings in Applied Industrial Technologies by 24.4% in the fourth quarter. Stifel Financial Corp now owns 34,551 shares of the industrial products company’s stock valued at $5,967,000 after buying an additional 6,775 shares in the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AIT has been the subject of several research analyst reports. Raymond James started coverage on Applied Industrial Technologies in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $225.00 price objective for the company. StockNews.com downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Loop Capital increased their price objective on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Robert W. Baird lifted their target price on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Northcoast Research initiated coverage on shares of Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating on the stock. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $229.00.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $223.06 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. The firm has a market cap of $8.61 billion, a PE ratio of 23.38, a P/E/G ratio of 2.31 and a beta of 1.03. The firm has a 50 day simple moving average of $205.78 and a 200-day simple moving average of $196.72. Applied Industrial Technologies, Inc. has a 1-year low of $149.59 and a 1-year high of $226.31.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share for the quarter, topping analysts’ consensus estimates of $2.52 by $0.12. The company 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 revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.35 EPS. On average, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.71 EPS for the current year.

Insiders Place Their Bets

In other news, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the transaction, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, VP Kurt W. Loring sold 3,366 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now directly owns 19,315 shares in the company, valued at $4,037,221.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the transaction, the vice president now directly owns 19,315 shares in the company, valued at approximately $3,922,876.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,927 shares of company stock valued at $2,439,116. Insiders own 2.20% of the company’s stock.

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.