Applied Industrial Technologies, Inc. (AIT) Shares Sold by Royal Bank of Canada

Royal Bank of Canada lowered its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 0.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 582,635 shares of the industrial products company’s stock after selling 2,388 shares during the period. Royal Bank of Canada owned about 1.49% of Applied Industrial Technologies worth $34,405,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. raised its position in Applied Industrial Technologies by 30.7% during the first quarter. Russell Investments Group Ltd. now owns 41,157 shares of the industrial products company’s stock worth $2,545,000 after acquiring an additional 9,668 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in Applied Industrial Technologies by 42.7% during the first quarter. UBS Asset Management Americas Inc. now owns 20,924 shares of the industrial products company’s stock worth $1,294,000 after acquiring an additional 6,261 shares during the last quarter. Karp Capital Management Corp acquired a new position in Applied Industrial Technologies during the first quarter worth about $657,000. Oxford Asset Management acquired a new position in Applied Industrial Technologies during the first quarter worth about $321,000. Finally, Ameritas Investment Partners Inc. acquired a new position in Applied Industrial Technologies during the first quarter worth about $194,000. 87.54% of the stock is currently owned by hedge funds and other institutional investors.

AIT has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Monday, August 14th. ValuEngine upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Applied Industrial Technologies has an average rating of “Hold” and a consensus target price of $66.00.

In other news, VP Mark O. Eisele sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $56.11, for a total transaction of $336,660.00. Following the completion of the transaction, the vice president now owns 153,029 shares in the company, valued at approximately $8,586,457.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Mark O. Eisele sold 4,939 shares of the firm’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $55.91, for a total transaction of $276,139.49. Following the transaction, the vice president now owns 106,090 shares of the company’s stock, valued at approximately $5,931,491.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,571 shares of company stock valued at $4,070,841. Insiders own 3.70% of the company’s stock.

Applied Industrial Technologies, Inc. (NYSE AIT) opened at 65.00 on Friday. The firm has a market cap of $2.54 billion, a PE ratio of 19.12 and a beta of 0.95. Applied Industrial Technologies, Inc. has a 12 month low of $43.50 and a 12 month high of $69.00. The firm’s 50-day moving average is $59.94 and its 200-day moving average is $59.98.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Friday, August 11th. The industrial products company reported $1.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.56. Applied Industrial Technologies had a net margin of 5.16% and a return on equity of 15.89%. The company had revenue of $681.47 million during the quarter, compared to analyst estimates of $680.20 million. During the same quarter last year, the firm posted $0.66 EPS. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. Equities analysts expect that Applied Industrial Technologies, Inc. will post $3.11 earnings per share for the current year.

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About Applied Industrial Technologies

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.

Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

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