Strs Ohio Sells 9,727 Shares of Applied Industrial Technologies, Inc. $AIT

Strs Ohio decreased its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 25.1% in the third quarter, Holdings Channel reports. The firm owned 29,011 shares of the industrial products company’s stock after selling 9,727 shares during the period. Strs Ohio’s holdings in Applied Industrial Technologies were worth $7,573,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. 111 Capital bought a new stake in shares of Applied Industrial Technologies in the second quarter valued at about $980,000. Envestnet Asset Management Inc. raised its holdings in shares of Applied Industrial Technologies by 38.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 73,784 shares of the industrial products company’s stock valued at $17,151,000 after purchasing an additional 20,535 shares in the last quarter. Wolverine Asset Management LLC purchased a new stake in shares of Applied Industrial Technologies in the 3rd quarter worth approximately $1,044,000. TimesSquare Capital Management LLC boosted its stake in shares of Applied Industrial Technologies by 10.5% during the second quarter. TimesSquare Capital Management LLC now owns 86,434 shares of the industrial products company’s stock valued at $20,092,000 after purchasing an additional 8,219 shares in the last quarter. Finally, Regents Gate Capital LLP purchased a new position in Applied Industrial Technologies during the second quarter valued at approximately $11,387,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AIT shares. Weiss Ratings restated a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Monday, December 29th. Mizuho set a $305.00 price objective on Applied Industrial Technologies in a research note on Wednesday, October 29th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $287.50.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $281.40 on Tuesday. The company has a current ratio of 3.55, a quick ratio of 2.50 and a debt-to-equity ratio of 0.30. The firm has a market cap of $10.61 billion, a PE ratio of 27.08, a P/E/G ratio of 2.86 and a beta of 0.87. Applied Industrial Technologies, Inc. has a 12 month low of $199.96 and a 12 month high of $286.66. The stock has a fifty day moving average price of $263.42 and a 200-day moving average price of $261.55.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Tuesday, October 28th. The industrial products company reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.16. Applied Industrial Technologies had a return on equity of 21.86% and a net margin of 8.61%.The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the company posted $2.36 EPS. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. Equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.