Millburn Ridgefield Corp Acquires Shares of 375 Applied Industrial Technologies, Inc. (NYSE:AIT)

Millburn Ridgefield Corp acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 375 shares of the industrial products company’s stock, valued at approximately $84,000.

Other large investors have also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP bought a new position in Applied Industrial Technologies during the 3rd quarter valued at $32,233,000. Sanctuary Advisors LLC bought a new position in Applied Industrial Technologies during the 2nd quarter valued at $1,279,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Applied Industrial Technologies during the 3rd quarter valued at $3,591,000. Janney Montgomery Scott LLC boosted its stake in Applied Industrial Technologies by 126.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 4,396 shares of the industrial products company’s stock valued at $981,000 after acquiring an additional 2,451 shares during the last quarter. Finally, Dana Investment Advisors Inc. boosted its stake in Applied Industrial Technologies by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock valued at $1,928,000 after acquiring an additional 65 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the completion of the transaction, the vice president now owns 55,709 shares in the company, valued at approximately $15,689,882.76. This trade represents a 6.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mary Dean Hall sold 2,200 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total transaction of $605,176.00. Following the transaction, the director now owns 3,462 shares of the company’s stock, valued at approximately $952,326.96. This trade represents a 38.86 % decrease in their position. The disclosure for this sale can be found here. 1.67% of the stock is owned by corporate insiders.

Applied Industrial Technologies Stock Up 0.2 %

AIT stock opened at $277.68 on Thursday. 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 fifty-two week low of $162.19 and a fifty-two week high of $282.98. The firm’s 50-day simple moving average is $246.36 and its 200 day simple moving average is $215.57. The stock has a market cap of $10.68 billion, a PE ratio of 28.33, a price-to-earnings-growth ratio of 3.74 and a beta of 1.05.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, beating the consensus estimate of $2.25 by $0.11. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. Applied Industrial Technologies’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the company earned $2.39 EPS. As a group, sell-side analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current year.

Applied Industrial Technologies Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have commented on AIT. Bank of America upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. KeyCorp raised their price target on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a research report on Tuesday. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Oppenheimer raised their price target on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Finally, Raymond James raised their price target on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $285.71.

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.