Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Zhang Financial LLC

Zhang Financial LLC decreased its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 17.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 13,793 shares of the industrial products company’s stock after selling 3,000 shares during the period. Zhang Financial LLC’s holdings in Applied Industrial Technologies were worth $3,303,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of AIT. Oppenheimer Asset Management Inc. purchased a new stake in Applied Industrial Technologies during the 2nd quarter worth approximately $242,000. Mercer Global Advisors Inc. ADV lifted its stake in shares of Applied Industrial Technologies by 8.6% during the second quarter. Mercer Global Advisors Inc. ADV now owns 3,203 shares of the industrial products company’s stock worth $621,000 after buying an additional 253 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Applied Industrial Technologies by 4.6% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 2,756 shares of the industrial products company’s stock valued at $535,000 after buying an additional 122 shares during the last quarter. Hsbc Holdings PLC grew its holdings in shares of Applied Industrial Technologies by 238.1% during the second quarter. Hsbc Holdings PLC now owns 33,824 shares of the industrial products company’s stock valued at $6,530,000 after buying an additional 23,819 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Applied Industrial Technologies by 38.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 18,300 shares of the industrial products company’s stock valued at $3,550,000 after acquiring an additional 5,100 shares during the period. Institutional investors and hedge funds own 93.52% of the company’s stock.

Insider Activity at Applied Industrial Technologies

In related news, Director Mary Dean Hall sold 2,200 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total value of $605,176.00. Following the completion of the sale, the director now owns 3,462 shares of the company’s stock, valued at approximately $952,326.96. This represents a 38.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Warren E. Hoffner III sold 4,000 shares of Applied Industrial Technologies stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the sale, the vice president now directly owns 55,709 shares in the company, valued at approximately $15,689,882.76. The trade was a 6.70 % decrease in their position. The disclosure for this sale can be found here. 1.67% of the stock is owned by corporate insiders.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $257.21 on Monday. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies, Inc. has a twelve month low of $168.64 and a twelve month high of $282.98. The stock has a 50-day moving average of $259.43 and a 200 day moving average of $229.40. The stock has a market capitalization of $9.89 billion, a price-to-earnings ratio of 26.25, a PEG ratio of 3.36 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the company earned $2.39 earnings per share. The company’s quarterly revenue was up .3% on a year-over-year basis. Sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.48 annualized dividend and a yield of 0.58%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.10%.

Wall Street Analysts Forecast Growth

AIT has been the topic of several research analyst reports. Loop Capital boosted their price target on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Robert W. Baird upped their target price 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. StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, January 15th. Oppenheimer increased their price objective on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Finally, Raymond James raised their target price on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Applied Industrial Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $285.71.

Applied Industrial Technologies 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.