Royce & Associates LP trimmed its stake in Applied Industrial Technologies, Inc. (NYSE:AIT – Free Report) by 0.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 166,148 shares of the industrial products company’s stock after selling 453 shares during the period. Royce & Associates LP’s holdings in Applied Industrial Technologies were worth $37,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Curi RMB Capital LLC grew its position in Applied Industrial Technologies by 2.7% in the 3rd quarter. Curi RMB Capital LLC now owns 82,392 shares of the industrial products company’s stock worth $18,384,000 after purchasing an additional 2,171 shares during the last quarter. KBC Group NV lifted its holdings in shares of Applied Industrial Technologies by 12.6% during the 3rd quarter. KBC Group NV now owns 1,096 shares of the industrial products company’s stock worth $245,000 after acquiring an additional 123 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in shares of Applied Industrial Technologies by 85.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 2,318 shares of the industrial products company’s stock worth $517,000 after acquiring an additional 1,069 shares during the period. MQS Management LLC bought a new position in shares of Applied Industrial Technologies during the 3rd quarter worth about $468,000. Finally, Chartwell Investment Partners LLC lifted its holdings in shares of Applied Industrial Technologies by 0.8% during the 3rd quarter. Chartwell Investment Partners LLC now owns 10,602 shares of the industrial products company’s stock worth $2,365,000 after acquiring an additional 85 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the sale, the chief executive officer now owns 205,708 shares in the company, valued at $41,602,385.92. The trade was a 1.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Kurt W. Loring sold 4,858 shares of Applied Industrial Technologies stock in a transaction that occurred 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 sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. This represents a 20.10 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,927 shares of company stock valued at $2,439,116. Insiders own 1.67% of the company’s stock.
Applied Industrial Technologies Trading Down 0.1 %
Applied Industrial Technologies (NYSE:AIT – Get Free Report) last announced its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the firm posted $2.39 earnings per share. The company’s revenue was up .3% on a year-over-year basis. As a group, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.74 earnings per share for the current fiscal year.
Applied Industrial Technologies Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio is presently 15.10%.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on AIT. Mizuho began coverage on shares of Applied Industrial Technologies in a report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price objective for the company. Bank of America raised their price objective on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. KeyCorp raised their price objective on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Loop Capital lifted their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $267.86.
Check Out Our Latest Stock Report on AIT
About Applied Industrial Technologies
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.
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