Summit Trail Advisors LLC Decreases Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Summit Trail Advisors LLC cut its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 8.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,705 shares of the industrial products company’s stock after selling 153 shares during the period. Summit Trail Advisors LLC’s holdings in Applied Industrial Technologies were worth $380,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of AIT. EntryPoint Capital LLC acquired a new stake in shares of Applied Industrial Technologies during the first quarter worth $25,000. Headlands Technologies LLC acquired a new stake in Applied Industrial Technologies during the 2nd quarter worth about $26,000. Opal Wealth Advisors LLC purchased a new stake in Applied Industrial Technologies during the 2nd quarter valued at about $32,000. V Square Quantitative Management LLC purchased a new stake in Applied Industrial Technologies during the 3rd quarter valued at about $34,000. Finally, First Horizon Advisors Inc. increased its holdings in shares of Applied Industrial Technologies by 106.0% in the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 88 shares during the period. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Insider Activity

In related news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were 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 owns 19,315 shares in the company, valued at $3,922,876.50. This represents a 20.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.67% of the company’s stock.

Applied Industrial Technologies Price Performance

NYSE:AIT opened at $280.71 on Wednesday. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies, Inc. has a 52 week low of $155.47 and a 52 week high of $282.32. The stock’s 50-day moving average price is $239.85 and its 200-day moving average price is $212.39. The stock has a market capitalization of $10.79 billion, a PE ratio of 28.64, a price-to-earnings-growth ratio of 3.80 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, beating analysts’ consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the business earned $2.39 earnings per share. The business’s revenue was up .3% compared to the same quarter last year. As a group, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 0.53%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s payout ratio is 15.10%.

Analysts Set New Price Targets

A number of research firms recently commented on AIT. StockNews.com raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Mizuho initiated coverage on shares of Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective on the stock. Raymond James raised their target price on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Loop Capital upped 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. Finally, Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $285.00 to $315.00 in a research note on Tuesday. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $278.57.

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.