Applied Industrial Technologies, Inc. (NYSE:AIT) Stake Lowered by Driehaus Capital Management LLC

Driehaus Capital Management LLC reduced its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 53.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 103,827 shares of the industrial products company’s stock after selling 117,353 shares during the period. Driehaus Capital Management LLC’s holdings in Applied Industrial Technologies were worth $20,142,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. EntryPoint Capital LLC purchased a new position in shares of Applied Industrial Technologies during the 1st quarter valued at $25,000. ICA Group Wealth Management LLC purchased a new position in shares of Applied Industrial Technologies during the 4th quarter valued at $26,000. Headlands Technologies LLC purchased a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at $26,000. Opal Wealth Advisors LLC bought a new stake in Applied Industrial Technologies in the second quarter worth $32,000. Finally, ZRC Wealth Management LLC bought a new stake in Applied Industrial Technologies in the first quarter worth $42,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AIT. StockNews.com cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. Loop Capital upped their price objective on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, August 16th. Northcoast Research began coverage on shares of Applied Industrial Technologies in a report on Monday, July 1st. They issued a “neutral” rating for the company. KeyCorp upped their price objective on shares of Applied Industrial Technologies from $215.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Finally, Raymond James began coverage on shares of Applied Industrial Technologies in a report on Wednesday, September 4th. They issued an “outperform” rating and a $225.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Applied Industrial Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $229.00.

Applied Industrial Technologies Stock Up 0.5 %

Applied Industrial Technologies stock opened at $223.06 on Friday. The firm has a market cap of $8.61 billion, a price-to-earnings ratio of 23.38, a P/E/G ratio of 2.31 and a beta of 1.03. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. Applied Industrial Technologies, Inc. has a fifty-two week low of $149.59 and a fifty-two week high of $226.31. The firm has a fifty day moving average price of $205.78 and a two-hundred day moving average price of $196.72.

Applied Industrial Technologies (NYSE:AIT) last released its 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 firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.19 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The business’s revenue was up .2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.35 EPS. As a group, analysts forecast that Applied Industrial Technologies, Inc. will post 9.71 earnings per share 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 $4,037,221.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 $4,037,221.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were 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 of the company’s stock, valued at approximately $3,922,876.50. The disclosure for this sale can be found here. Insiders sold a total of 11,927 shares of company stock valued at $2,439,116 in the last quarter. Insiders own 2.20% 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.