Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Summit Trail Advisors LLC

Summit Trail Advisors LLC lessened its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 43.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 957 shares of the industrial products company’s stock after selling 748 shares during the quarter. Summit Trail Advisors LLC’s holdings in Applied Industrial Technologies were worth $229,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. State Street Corp raised its position in Applied Industrial Technologies by 2.4% in the third quarter. State Street Corp now owns 1,441,051 shares of the industrial products company’s stock worth $321,542,000 after acquiring an additional 34,113 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Applied Industrial Technologies by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,040,389 shares of the industrial products company’s stock worth $232,181,000 after purchasing an additional 40,689 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Applied Industrial Technologies by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,317 shares of the industrial products company’s stock worth $127,032,000 after purchasing an additional 3,887 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in Applied Industrial Technologies during the third quarter valued at approximately $84,139,000. Finally, ArrowMark Colorado Holdings LLC boosted its holdings in Applied Industrial Technologies by 9.3% during the third quarter. ArrowMark Colorado Holdings LLC now owns 277,335 shares of the industrial products company’s stock worth $61,882,000 after buying an additional 23,710 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Insiders Place Their Bets

In other news, Director Mary Dean Hall sold 2,200 shares of the company’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total value of $605,176.00. Following the transaction, the director now directly owns 3,462 shares of the company’s stock, valued at approximately $952,326.96. This represents a 38.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Warren E. Hoffner III sold 4,000 shares of Applied Industrial Technologies stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total value of $1,126,560.00. Following the sale, the vice president now directly owns 55,709 shares of the company’s stock, valued at approximately $15,689,882.76. The trade was a 6.70 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.67% of the company’s stock.

Analyst Ratings Changes

AIT has been the topic of several research reports. Mizuho started coverage on Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price target on the stock. KeyCorp boosted their target price on Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Loop Capital upped their target price on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. Raymond James reissued an “outperform” rating and issued a $265.00 price target (up previously from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. Finally, Robert W. Baird boosted their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $291.43.

Applied Industrial Technologies Stock Performance

Shares of AIT stock opened at $259.95 on Thursday. The company has a market capitalization of $9.98 billion, a price-to-earnings ratio of 26.34, a P/E/G ratio of 3.43 and a beta of 1.08. Applied Industrial Technologies, Inc. has a 1-year low of $177.68 and a 1-year high of $282.98. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32. The stock’s fifty day simple moving average is $255.19 and its 200-day simple moving average is $236.61.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. On average, sell-side analysts predict that Applied Industrial Technologies, Inc. will post 9.87 earnings per share for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s dividend payout ratio is currently 14.99%.

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.