Handelsbanken Fonder AB Reduces Stock Position in Applied Industrial Technologies, Inc. $AIT

Handelsbanken Fonder AB lessened its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 18.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 127,233 shares of the industrial products company’s stock after selling 28,690 shares during the period. Handelsbanken Fonder AB’s holdings in Applied Industrial Technologies were worth $43,024,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in Applied Industrial Technologies by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company’s stock worth $85,897,000 after buying an additional 14,926 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Applied Industrial Technologies in the 1st quarter worth $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Applied Industrial Technologies by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,348 shares of the industrial products company’s stock worth $22,162,000 after acquiring an additional 10,863 shares during the period. Focus Partners Wealth raised its holdings in shares of Applied Industrial Technologies by 4.5% during the 1st quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company’s stock worth $302,000 after acquiring an additional 58 shares during the period. Finally, M&T Bank Corp purchased a new position in shares of Applied Industrial Technologies during the 2nd quarter worth $217,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $353.71 on Wednesday. The stock has a market cap of $13.07 billion, a PE ratio of 33.40, a P/E/G ratio of 3.08 and a beta of 0.84. The company has a current ratio of 2.95, a quick ratio of 1.97 and a debt-to-equity ratio of 0.19. Applied Industrial Technologies, Inc. has a twelve month low of $238.34 and a twelve month high of $363.59. The stock has a fifty day simple moving average of $334.46 and a 200-day simple moving average of $301.87.

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be given a $0.51 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio is presently 19.26%.

Analyst Upgrades and Downgrades

AIT has been the subject of a number of analyst reports. DA Davidson started coverage on shares of Applied Industrial Technologies in a report on Tuesday, June 16th. They issued a “buy” rating and a $380.00 price objective for the company. Oppenheimer lifted their target price on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Wall Street Zen cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Robert W. Baird set a $317.00 price target on shares of Applied Industrial Technologies in a report on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Applied Industrial Technologies has an average rating of “Moderate Buy” and an average price target of $336.71.

Insiders Place Their Bets

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the transaction, the director owned 4,951 shares of the company’s stock, valued at $1,633,285.39. This trade represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.60% of the stock is currently owned by company insiders.

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.