Parallel Advisors LLC Acquires Shares of 512 Applied Industrial Technologies (NYSE:AIT)

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Parallel Advisors LLC acquired a new stake in shares of Applied Industrial Technologies (NYSE:AIT) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 512 shares of the industrial products company’s stock, valued at approximately $32,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in AIT. Bailard Inc. lifted its position in Applied Industrial Technologies by 2.7% in the second quarter. Bailard Inc. now owns 7,525 shares of the industrial products company’s stock worth $463,000 after buying an additional 200 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Applied Industrial Technologies by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 15,010 shares of the industrial products company’s stock worth $893,000 after purchasing an additional 271 shares during the last quarter. FinTrust Capital Advisors LLC lifted its position in shares of Applied Industrial Technologies by 174.8% during the first quarter. FinTrust Capital Advisors LLC now owns 437 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 278 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Applied Industrial Technologies by 13.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,943 shares of the industrial products company’s stock worth $175,000 after purchasing an additional 343 shares during the last quarter. Finally, Mason Street Advisors LLC lifted its position in shares of Applied Industrial Technologies by 3.4% during the first quarter. Mason Street Advisors LLC now owns 12,448 shares of the industrial products company’s stock worth $740,000 after purchasing an additional 413 shares during the last quarter. 88.48% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:AIT traded down $0.04 on Wednesday, hitting $50.75. 255 shares of the company’s stock were exchanged, compared to its average volume of 242,848. Applied Industrial Technologies has a 12 month low of $49.45 and a 12 month high of $82.35. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 11.52 and a beta of 1.31. The business’s 50 day simple moving average is $56.67 and its two-hundred day simple moving average is $58.02. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.71 and a quick ratio of 1.65.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Wednesday, August 14th. The industrial products company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.17). The business had revenue of $882.70 million for the quarter, compared to the consensus estimate of $919.72 million. Applied Industrial Technologies had a return on equity of 19.53% and a net margin of 4.15%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.03 earnings per share. Equities analysts forecast that Applied Industrial Technologies will post 4.4 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be issued a $0.31 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $1.24 annualized dividend and a dividend yield of 2.44%. Applied Industrial Technologies’s payout ratio is currently 28.12%.

Several research firms have recently weighed in on AIT. KeyCorp reiterated an “overweight” rating and set a $65.00 target price (down from $70.00) on shares of Applied Industrial Technologies in a research report on Thursday, August 15th. Wells Fargo & Co decreased their target price on Applied Industrial Technologies from $60.00 to $55.00 and set a “market perform” rating for the company in a research report on Thursday, August 15th. Finally, ValuEngine upgraded Applied Industrial Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $63.33.

Applied Industrial Technologies Profile

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.

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

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