Principal Financial Group Inc. Sells 5,930 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Principal Financial Group Inc. decreased its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 4.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 138,947 shares of the industrial products company’s stock after selling 5,930 shares during the quarter. Principal Financial Group Inc.’s holdings in Applied Industrial Technologies were worth $31,003,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. EntryPoint Capital LLC purchased a new stake in Applied Industrial Technologies during the first quarter valued at about $25,000. Headlands Technologies LLC bought a new position in Applied Industrial Technologies in the second quarter worth about $26,000. Opal Wealth Advisors LLC purchased a new position in Applied Industrial Technologies during the second quarter valued at $32,000. V Square Quantitative Management LLC purchased a new position in shares of Applied Industrial Technologies during the third quarter valued at approximately $34,000. Finally, Quarry LP bought a new stake in Applied Industrial Technologies in the second quarter worth $39,000. 93.52% of the stock is owned by institutional investors.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the transaction, the chief executive officer now owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 completion of the sale, the vice president now directly owns 19,315 shares in the company, valued at $4,037,221.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the sale, the chief executive officer now owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,927 shares of company stock valued at $2,439,116. 1.67% of the stock is owned by company insiders.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $275.26 on Tuesday. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. The firm has a 50-day simple moving average of $222.81 and a 200-day simple moving average of $205.26. The stock has a market capitalization of $10.58 billion, a price-to-earnings ratio of 28.09, a price-to-earnings-growth ratio of 3.69 and a beta of 1.03. Applied Industrial Technologies, Inc. has a 52 week low of $155.47 and a 52 week high of $275.51.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $1.08 billion. During the same period in the previous year, the firm earned $2.39 EPS. The business’s revenue was up .3% on a year-over-year basis. On average, equities analysts predict that Applied Industrial Technologies, Inc. will post 9.74 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.37 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.48 annualized dividend and a yield of 0.54%. Applied Industrial Technologies’s dividend payout ratio (DPR) is 15.10%.

Analyst Ratings Changes

A number of research firms have commented on AIT. Oppenheimer lifted their target price on shares of Applied Industrial Technologies from $235.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Robert W. Baird boosted their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. KeyCorp boosted their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Raymond James increased their price target on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $261.43.

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.