DekaBank Deutsche Girozentrale Sells 16,183 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

DekaBank Deutsche Girozentrale lowered its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 85.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,683 shares of the industrial products company’s stock after selling 16,183 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Applied Industrial Technologies were worth $590,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Boston Trust Walden Corp boosted its stake in Applied Industrial Technologies by 1.2% during the second quarter. Boston Trust Walden Corp now owns 630,915 shares of the industrial products company’s stock worth $122,398,000 after acquiring an additional 7,720 shares in the last quarter. Dundas Partners LLP bought a new stake in Applied Industrial Technologies during the second quarter worth about $46,805,000. Handelsbanken Fonder AB boosted its stake in Applied Industrial Technologies by 28.7% during the third quarter. Handelsbanken Fonder AB now owns 221,823 shares of the industrial products company’s stock worth $49,495,000 after acquiring an additional 49,500 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Applied Industrial Technologies by 18.2% during the second quarter. Victory Capital Management Inc. now owns 204,430 shares of the industrial products company’s stock worth $39,659,000 after acquiring an additional 31,514 shares in the last quarter. Finally, Nordea Investment Management AB bought a new stake in Applied Industrial Technologies during the first quarter worth about $39,093,000. Institutional investors own 93.52% of the company’s stock.

Insider Activity

In other 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 transaction of $703,561.32. Following the completion of the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at $4,037,221.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the company’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 transaction of $703,561.32. Following the completion of the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of the company’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 transaction of $748,894.72. Following the sale, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,927 shares of company stock valued at $2,439,116 over the last three months. Insiders own 1.67% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on AIT shares. Loop Capital boosted their price objective on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Oppenheimer upped 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 note on Friday, October 25th. Raymond James upped their target price on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Bank of America upped their target price on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Finally, KeyCorp upped their target price on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and an average price target of $261.43.

Applied Industrial Technologies Stock Down 0.0 %

AIT opened at $231.50 on Friday. 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 moving average price of $217.87 and a 200-day moving average price of $202.68. Applied Industrial Technologies, Inc. has a twelve month low of $153.13 and a twelve month high of $240.45. The stock has a market capitalization of $8.90 billion, a price-to-earnings ratio of 23.62, a PEG ratio of 3.25 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data 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 firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the company earned $2.39 earnings per share. The firm’s quarterly revenue was up .3% on a year-over-year basis. Equities research analysts forecast that Applied Industrial Technologies, Inc. will post 9.74 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.37 per share. The ex-dividend date is Friday, November 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.64%. Applied Industrial Technologies’s payout ratio is 15.10%.

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.