Ausbil Investment Management Ltd Cuts Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Ausbil Investment Management Ltd reduced its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 20.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,002 shares of the industrial products company’s stock after selling 1,310 shares during the period. Ausbil Investment Management Ltd’s holdings in Applied Industrial Technologies were worth $1,116,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Quadrature Capital Ltd acquired a new stake in Applied Industrial Technologies during the 1st quarter worth approximately $593,000. American International Group Inc. boosted its holdings in Applied Industrial Technologies by 232.6% in the first quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock valued at $13,809,000 after purchasing an additional 48,883 shares during the period. Hennessy Advisors Inc. grew its stake in Applied Industrial Technologies by 18.3% during the 1st quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock worth $36,606,000 after purchasing an additional 28,700 shares in the last quarter. State of Michigan Retirement System purchased a new stake in Applied Industrial Technologies during the 1st quarter worth about $1,877,000. Finally, Sanctuary Advisors LLC acquired a new stake in Applied Industrial Technologies in the 2nd quarter valued at about $1,279,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Insider Buying and Selling

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $4,037,221.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Kurt W. Loring sold 3,366 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the transaction, the chief executive officer now owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,927 shares of company stock valued at $2,439,116 over the last three months. 2.20% of the stock is currently owned by company insiders.

Applied Industrial Technologies Stock Performance

NYSE:AIT traded up $13.75 during mid-day trading on Thursday, reaching $237.57. 234,481 shares of the stock were exchanged, compared to its average volume of 287,033. The stock has a market capitalization of $9.17 billion, a P/E ratio of 24.85, a P/E/G ratio of 3.12 and a beta of 1.03. Applied Industrial Technologies, Inc. has a 1 year low of $149.59 and a 1 year high of $239.94. The company has a 50 day simple moving average of $213.57 and a 200-day simple moving average of $200.68. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, beating analysts’ consensus estimates of $2.52 by $0.12. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the previous year, the company posted $2.35 EPS. The company’s quarterly revenue was up .2% on a year-over-year basis. Analysts anticipate that Applied Industrial Technologies, Inc. will post 9.69 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on AIT. Mizuho began coverage on shares of Applied Industrial Technologies in a report on Tuesday. They set an “outperform” rating and a $285.00 price target for the company. Robert W. Baird increased their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. StockNews.com raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday. KeyCorp increased their price objective on Applied Industrial Technologies from $215.00 to $245.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Finally, Raymond James assumed coverage on Applied Industrial Technologies in a report on Wednesday, September 4th. They issued an “outperform” rating and a $225.00 price target for the company. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $243.14.

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.