2,874 Applied Industrial Technologies, Inc. $AIT Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. lessened its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 61.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,834 shares of the industrial products company’s stock after selling 2,874 shares during the period. Oppenheimer & Co. Inc.’s holdings in Applied Industrial Technologies were worth $609,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Apollon Wealth Management LLC boosted its stake in Applied Industrial Technologies by 112.8% in the third quarter. Apollon Wealth Management LLC now owns 3,333 shares of the industrial products company’s stock valued at $1,108,000 after acquiring an additional 1,767 shares in the last quarter. EULAV Asset Management grew its holdings in Applied Industrial Technologies by 6.7% in the third quarter. EULAV Asset Management now owns 143,740 shares of the industrial products company’s stock worth $47,763,000 after purchasing an additional 9,000 shares during the last quarter. Signaturefd LLC grew its holdings in Applied Industrial Technologies by 172.4% in the third quarter. Signaturefd LLC now owns 523 shares of the industrial products company’s stock worth $174,000 after purchasing an additional 331 shares during the last quarter. Citizens Financial Group Inc. RI increased its position in shares of Applied Industrial Technologies by 5.1% during the third quarter. Citizens Financial Group Inc. RI now owns 1,793 shares of the industrial products company’s stock worth $596,000 after purchasing an additional 87 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its position in shares of Applied Industrial Technologies by 7.4% during the third quarter. Fifth Third Wealth Advisors LLC now owns 1,095 shares of the industrial products company’s stock worth $364,000 after purchasing an additional 75 shares in the last quarter. Institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Down 2.4%

AIT stock opened at $297.91 on Thursday. The firm has a 50 day moving average of $325.04 and a 200 day moving average of $309.62. The stock has a market capitalization of $10.88 billion, a PE ratio of 26.36, a price-to-earnings-growth ratio of 2.43 and a beta of 0.87. The company has a quick ratio of 1.90, a current ratio of 2.89 and a debt-to-equity ratio of 0.15. Applied Industrial Technologies, Inc. has a 52 week low of $238.72 and a 52 week high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Tuesday, October 27th. The industrial products company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.08. Applied Industrial Technologies had a net margin of 8.38% and a return on equity of 22.68%. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the firm earned $2.63 EPS. Applied Industrial Technologies’s revenue was up 7.6% compared to the same quarter last year. Sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 12.06 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, November 13th. Applied Industrial Technologies’s payout ratio is presently 18.05%.

Analysts Set New Price Targets

Several analysts have recently commented on AIT shares. DA Davidson increased their price objective on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 14th. Mizuho dropped their target price on Applied Industrial Technologies from $400.00 to $390.00 and set an “outperform” rating on the stock in a research note on Thursday, October 15th. Weiss Ratings lowered Applied Industrial Technologies from a “buy (a-)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Wall Street Zen lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. Finally, Bank of America increased their price target on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Seven analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $380.00.

Insiders Place Their Bets

In related news, Director Peter C. Wallace sold 1,904 shares of the company’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the transaction, the director directly owned 22,859 shares of the company’s stock, valued at $7,782,346.55. This represents a 7.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David K. Wells sold 1,812 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the transaction, the chief financial officer owned 32,050 shares of the company’s stock, valued at $11,380,955. This trade represents a 5.35% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by insiders.

Applied Industrial Technologies Profile

Applied Industrial Technologies, Inc (NYSE: AIT) is a distributor and value-added service provider of industrial motion, power transmission, fluid power, automation, and control products. Its offerings include bearings, mechanical power-transmission components, motors, gearboxes, hydraulic and pneumatic equipment, industrial hoses, process pumps, safety products, and related maintenance supplies.

The company also provides technical and engineering services designed to help customers improve equipment performance, reliability, and productivity.