Russell Investments Group Ltd. Purchases New Position in Applied Industrial Technologies (AIT)

Russell Investments Group Ltd. bought a new position in Applied Industrial Technologies (NYSE:AIT) during the fourth quarter, according to its most recent disclosure with the SEC. The fund bought 31,489 shares of the industrial products company’s stock, valued at approximately $1,889,000. Russell Investments Group Ltd. owned approximately 0.08% of Applied Industrial Technologies at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in AIT. JPMorgan Chase & Co. boosted its stake in Applied Industrial Technologies by 14.3% in the third quarter. JPMorgan Chase & Co. now owns 1,644,123 shares of the industrial products company’s stock worth $76,846,000 after buying an additional 206,132 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in Applied Industrial Technologies by 2.2% in the third quarter. UBS Asset Management Americas Inc. now owns 24,488 shares of the industrial products company’s stock valued at $1,144,000 after buying an additional 531 shares during the period. PNC Financial Services Group Inc. boosted its stake in Applied Industrial Technologies by 5.5% in the third quarter. PNC Financial Services Group Inc. now owns 35,738 shares of the industrial products company’s stock valued at $1,671,000 after buying an additional 1,874 shares during the period. Bank of New York Mellon Corp boosted its stake in Applied Industrial Technologies by 4.1% in the third quarter. Bank of New York Mellon Corp now owns 588,513 shares of the industrial products company’s stock valued at $27,507,000 after buying an additional 23,230 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in Applied Industrial Technologies by 4.8% in the third quarter. Victory Capital Management Inc. now owns 1,361,689 shares of the industrial products company’s stock valued at $63,645,000 after buying an additional 62,562 shares during the period. 89.31% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies (NYSE:AIT) traded up 0.73% during midday trading on Friday, hitting $61.95. The company had a trading volume of 270,184 shares. Applied Industrial Technologies has a 52 week low of $42.63 and a 52 week high of $66.65. The stock has a 50 day moving average price of $61.05 and a 200-day moving average price of $58.31. The stock has a market capitalization of $2.42 billion, a PE ratio of 74.37 and a beta of 0.89.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, January 26th. The industrial products company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.02. Applied Industrial Technologies had a return on equity of 15.34% and a net margin of 1.31%. The firm had revenue of $608.10 million for the quarter, compared to the consensus estimate of $602.34 million. During the same quarter in the prior year, the business earned $0.61 earnings per share. The company’s revenue was down .4% compared to the same quarter last year. On average, equities analysts predict that Applied Industrial Technologies will post $2.61 EPS for the current year.

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Separately, Zacks Investment Research cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, March 28th.

In other Applied Industrial Technologies news, Director Peter C. Wallace sold 2,000 shares of the stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $61.58, for a total transaction of $123,160.00. Following the transaction, the director now owns 22,720 shares in the company, valued at $1,399,097.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director L Thomas Hiltz sold 3,277 shares of the stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $60.89, for a total value of $199,536.53. Following the transaction, the director now owns 14,217 shares in the company, valued at approximately $865,673.13. The disclosure for this sale can be found here. Insiders sold 9,247 shares of company stock worth $564,867 in the last 90 days. Company insiders own 4.40% of the company’s stock.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.