Stonegate Investment Group LLC Reduces Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Stonegate Investment Group LLC lessened its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 42.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,500 shares of the industrial products company’s stock after selling 1,099 shares during the quarter. Stonegate Investment Group LLC’s holdings in Applied Industrial Technologies were worth $335,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in AIT. V Square Quantitative Management LLC purchased a new stake in Applied Industrial Technologies in the 3rd quarter valued at $34,000. nVerses Capital LLC acquired a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at about $156,000. NBC Securities Inc. grew its holdings in shares of Applied Industrial Technologies by 59.5% in the third quarter. NBC Securities Inc. now owns 1,853 shares of the industrial products company’s stock valued at $413,000 after purchasing an additional 691 shares during the period. Creative Planning increased its position in Applied Industrial Technologies by 27.2% during the third quarter. Creative Planning now owns 11,239 shares of the industrial products company’s stock worth $2,508,000 after purchasing an additional 2,400 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its stake in Applied Industrial Technologies by 19.8% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,084 shares of the industrial products company’s stock worth $688,000 after purchasing an additional 510 shares during the period. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Insider Transactions at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the sale, the vice president now owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Neil A. Schrimsher sold 3,703 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the transaction, 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. Over the last 90 days, insiders have sold 11,927 shares of company stock valued at $2,439,116. 2.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Loop Capital increased their price target on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Northcoast Research initiated coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating for the company. Bank of America assumed coverage on Applied Industrial Technologies in a research report on Monday, October 7th. They issued a “neutral” rating and a $232.00 target price on the stock. KeyCorp increased their price target on Applied Industrial Technologies from $215.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Finally, Robert W. Baird raised their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $236.17.

Applied Industrial Technologies Price Performance

AIT opened at $231.89 on Friday. The stock’s 50-day moving average price is $211.77 and its 200 day moving average price is $199.97. Applied Industrial Technologies, Inc. has a 12-month low of $149.59 and a 12-month high of $235.75. The firm has a market cap of $8.95 billion, a price-to-earnings ratio of 24.31, a PEG ratio of 3.12 and a beta of 1.03. The company has a current ratio of 3.53, a quick ratio of 2.56 and a debt-to-equity ratio of 0.34.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.52 by $0.12. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.35 earnings per share. As a group, sell-side analysts expect that Applied Industrial Technologies, Inc. will post 9.69 earnings per share for the current year.

Applied Industrial Technologies Profile

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.