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

Royal Bank of Canada reduced its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 76.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,996 shares of the industrial products company’s stock after selling 99,436 shares during the quarter. Royal Bank of Canada owned 0.08% of Applied Industrial Technologies worth $8,224,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in AIT. Norges Bank acquired a new position in Applied Industrial Technologies during the 4th quarter valued at about $125,044,000. Thrivent Financial for Lutherans increased its stake in shares of Applied Industrial Technologies by 1,628.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company’s stock valued at $50,570,000 after purchasing an additional 185,553 shares during the period. M&T Bank Corp raised its holdings in shares of Applied Industrial Technologies by 33,181.4% during the fourth quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company’s stock valued at $81,322,000 after buying an additional 299,960 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Applied Industrial Technologies by 40.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company’s stock worth $5,539,000 after buying an additional 6,254 shares during the period. Finally, Mutual of America Capital Management LLC grew its holdings in Applied Industrial Technologies by 38.1% in the 4th quarter. Mutual of America Capital Management LLC now owns 96,438 shares of the industrial products company’s stock worth $24,762,000 after buying an additional 26,612 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Insiders Place Their Bets

In related news, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the transaction, the director directly owned 4,951 shares of the company’s stock, valued at $1,633,285.39. The trade was a 43.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by corporate insiders.

Applied Industrial Technologies Stock Performance

Shares of NYSE AIT opened at $358.43 on Tuesday. The stock has a fifty day moving average price of $333.54 and a two-hundred day moving average price of $301.38. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.97 and a current ratio of 2.95. The firm has a market cap of $13.25 billion, a P/E ratio of 33.85, a PEG ratio of 3.10 and a beta of 0.84. Applied Industrial Technologies, Inc. has a 1 year low of $238.34 and a 1 year high of $362.93.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 19.26%.

Analyst Upgrades and Downgrades

AIT has been the topic of several analyst reports. Oppenheimer raised their target price on Applied Industrial Technologies from $300.00 to $350.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. KeyCorp boosted their price target on Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Mizuho increased their price target on Applied Industrial Technologies from $330.00 to $355.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 21st. Robert W. Baird set a $317.00 price target on Applied Industrial Technologies in a report on Wednesday, April 29th. Finally, DA Davidson initiated coverage on shares of Applied Industrial Technologies in a research note on Tuesday, June 16th. They set a “buy” rating and a $380.00 price objective on the stock. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and an average target price of $336.71.

About Applied Industrial Technologies

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.