F M Investments LLC Sells 2,359 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

F M Investments LLC cut its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 2.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78,090 shares of the industrial products company’s stock after selling 2,359 shares during the period. F M Investments LLC owned about 0.20% of Applied Industrial Technologies worth $17,424,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. James Investment Research Inc. bought a new position in shares of Applied Industrial Technologies in the third quarter valued at about $355,000. New York State Common Retirement Fund increased its holdings in shares of Applied Industrial Technologies by 65.6% in the third quarter. New York State Common Retirement Fund now owns 144,621 shares of the industrial products company’s stock valued at $32,269,000 after purchasing an additional 57,283 shares in the last quarter. Pinnacle Associates Ltd. raised its position in Applied Industrial Technologies by 1.8% in the 3rd quarter. Pinnacle Associates Ltd. now owns 9,933 shares of the industrial products company’s stock worth $2,216,000 after purchasing an additional 175 shares during the last quarter. Smith Group Asset Management LLC lifted its holdings in Applied Industrial Technologies by 25.1% during the 3rd quarter. Smith Group Asset Management LLC now owns 3,737 shares of the industrial products company’s stock worth $834,000 after buying an additional 749 shares in the last quarter. Finally, Insight Folios Inc acquired a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at $204,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock traded down $0.09 during trading on Friday, reaching $231.50. The company’s stock had a trading volume of 145,438 shares, compared to its average volume of 286,601. Applied Industrial Technologies, Inc. has a 52 week low of $153.13 and a 52 week high of $240.45. The firm has a market cap of $8.90 billion, a PE ratio of 23.64, a P/E/G ratio of 3.25 and a beta of 1.03. The business’s 50-day moving average price is $217.87 and its 200-day moving average price is $202.58. 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 (NYSE:AIT) last announced its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business’s revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.39 EPS. Equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.74 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 0.64%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio is currently 15.10%.

Analysts Set New Price Targets

Several research firms have commented on AIT. KeyCorp boosted their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Loop Capital raised their target price on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Mizuho initiated coverage on shares of Applied Industrial Technologies in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price target on the stock. Bank of America raised their price objective on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Finally, Robert W. Baird increased their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Applied Industrial Technologies has an average rating of “Moderate Buy” and a consensus target price of $261.43.

Insider Transactions at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the sale, the vice president now directly owns 19,315 shares in the company, valued at $4,037,221.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were 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 in the company, valued at $3,922,876.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the transaction, the vice president now owns 19,315 shares of the company’s stock, valued at $4,037,221.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,927 shares of company stock valued at $2,439,116. Company insiders own 1.67% of the company’s stock.

Applied Industrial Technologies Company 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.