Applied Industrial Technologies, Inc. (AIT) Shares Bought by Pacad Investment Ltd.

Pacad Investment Ltd. increased its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 28.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 3,600 shares of the industrial products company’s stock after buying an additional 800 shares during the quarter. Pacad Investment Ltd.’s holdings in Applied Industrial Technologies were worth $213,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AIT. BlackRock Inc. lifted its holdings in Applied Industrial Technologies by 84,093.2% during the first quarter. BlackRock Inc. now owns 5,566,855 shares of the industrial products company’s stock valued at $344,310,000 after purchasing an additional 5,560,243 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Applied Industrial Technologies by 51.0% during the second quarter. Principal Financial Group Inc. now owns 717,817 shares of the industrial products company’s stock valued at $42,387,000 after purchasing an additional 242,556 shares during the last quarter. Prudential Financial Inc. lifted its holdings in Applied Industrial Technologies by 81.4% during the first quarter. Prudential Financial Inc. now owns 421,168 shares of the industrial products company’s stock valued at $26,049,000 after purchasing an additional 188,930 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Applied Industrial Technologies by 5.2% during the first quarter. Vanguard Group Inc. now owns 3,495,544 shares of the industrial products company’s stock valued at $216,199,000 after purchasing an additional 174,201 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Applied Industrial Technologies by 27.2% during the first quarter. Bank of New York Mellon Corp now owns 755,638 shares of the industrial products company’s stock valued at $46,736,000 after purchasing an additional 161,540 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) opened at 59.15 on Wednesday. Applied Industrial Technologies, Inc. has a 12-month low of $43.50 and a 12-month high of $69.00. The firm’s 50-day moving average is $56.29 and its 200 day moving average is $59.83. The stock has a market capitalization of $2.31 billion, a P/E ratio of 17.40 and a beta of 0.92.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Friday, August 11th. The industrial products company reported $1.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.56. Applied Industrial Technologies had a return on equity of 15.89% and a net margin of 5.16%. The firm had revenue of $681.47 million for the quarter, compared to the consensus estimate of $680.20 million. During the same quarter last year, the business posted $0.66 earnings per share. The firm’s revenue was up 7.5% compared to the same quarter last year. On average, equities research analysts forecast that Applied Industrial Technologies, Inc. will post $3.10 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Tuesday, August 15th were given a dividend of $0.29 per share. The ex-dividend date was Friday, August 11th. This represents a $1.16 dividend on an annualized basis and a yield of 1.96%. Applied Industrial Technologies’s payout ratio is 34.12%.

In related news, VP Mark O. Eisele sold 6,000 shares of Applied Industrial Technologies stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $56.11, for a total transaction of $336,660.00. Following the transaction, the vice president now owns 153,029 shares in the company, valued at $8,586,457.19. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Mark O. Eisele sold 4,939 shares of Applied Industrial Technologies stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $55.91, for a total value of $276,139.49. Following the transaction, the vice president now owns 106,090 shares in the company, valued at approximately $5,931,491.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 73,571 shares of company stock worth $4,070,841. 4.40% of the stock is currently owned by company insiders.

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Several equities research analysts have commented on the stock. Zacks Investment Research downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Tuesday. Wells Fargo & Company reaffirmed a “market perform” rating and set a $63.00 price objective (down from $67.00) on shares of Applied Industrial Technologies in a report on Wednesday, July 12th. BidaskClub downgraded shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a report on Monday, July 24th. Northcoast Research assumed coverage on shares of Applied Industrial Technologies in a report on Tuesday, July 25th. They set a “neutral” rating on the stock. Finally, ValuEngine raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $64.00.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.

Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

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