Russell Investments Group Ltd. lowered its position in shares of Applied Industrial Technologies (NYSE:AIT) by 19.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,880 shares of the industrial products company’s stock after selling 4,620 shares during the quarter. Russell Investments Group Ltd.’s holdings in Applied Industrial Technologies were worth $1,478,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. First Trust Advisors LP raised its position in Applied Industrial Technologies by 59.8% during the third quarter. First Trust Advisors LP now owns 33,661 shares of the industrial products company’s stock worth $2,634,000 after acquiring an additional 12,598 shares in the last quarter. Strs Ohio raised its position in Applied Industrial Technologies by 1,920.0% during the third quarter. Strs Ohio now owns 50,500 shares of the industrial products company’s stock worth $3,951,000 after acquiring an additional 48,000 shares in the last quarter. Aperio Group LLC raised its position in Applied Industrial Technologies by 7.1% during the third quarter. Aperio Group LLC now owns 17,904 shares of the industrial products company’s stock worth $1,401,000 after acquiring an additional 1,181 shares in the last quarter. Copper Rock Capital Partners LLC raised its position in Applied Industrial Technologies by 10.1% during the third quarter. Copper Rock Capital Partners LLC now owns 277,458 shares of the industrial products company’s stock worth $21,767,000 after acquiring an additional 25,527 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in Applied Industrial Technologies during the second quarter worth $320,000. Hedge funds and other institutional investors own 88.14% of the company’s stock.
Shares of AIT opened at $59.64 on Friday. The stock has a market capitalization of $2.34 billion, a PE ratio of 15.95, a P/E/G ratio of 1.05 and a beta of 1.11. Applied Industrial Technologies has a fifty-two week low of $59.01 and a fifty-two week high of $82.35. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.67 and a current ratio of 2.76.
Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Wednesday, October 31st. The industrial products company reported $1.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.12 by $0.12. The company had revenue of $864.50 million for the quarter, compared to analyst estimates of $874.74 million. Applied Industrial Technologies had a net margin of 4.82% and a return on equity of 19.66%. The company’s revenue was up 27.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.86 earnings per share. Equities research analysts anticipate that Applied Industrial Technologies will post 4.8 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 30th. Stockholders of record on Thursday, November 15th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Wednesday, November 14th. Applied Industrial Technologies’s payout ratio is presently 32.09%.
In other news, Director Green Edith Kelly sold 7,090 shares of the stock in a transaction dated Wednesday, November 14th. The shares were sold at an average price of $65.51, for a total value of $464,465.90. Following the transaction, the director now directly owns 19,240 shares of the company’s stock, valued at $1,260,412.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.10% of the stock is owned by corporate insiders.
Several brokerages have recently weighed in on AIT. Wells Fargo & Co dropped their price objective on shares of Applied Industrial Technologies from $80.00 to $75.00 and set a “market perform” rating on the stock in a research report on Thursday, November 1st. ValuEngine raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th. Northcoast Research reissued a “neutral” rating on shares of Applied Industrial Technologies in a research report on Friday, August 10th. Wellington Shields raised shares of Applied Industrial Technologies from a “gradually accumulate” rating to a “buy” rating in a research report on Monday, August 13th. Finally, Zacks Investment Research lowered shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. Applied Industrial Technologies has an average rating of “Hold” and a consensus price target of $79.00.
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Applied Industrial Technologies Profile
Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.
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