Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Stonegate Investment Group LLC

Stonegate Investment Group LLC lowered its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 42.3% during the third quarter, HoldingsChannel reports. The fund owned 1,500 shares of the industrial products company’s stock after selling 1,099 shares during the period. Stonegate Investment Group LLC’s holdings in Applied Industrial Technologies were worth $335,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EntryPoint Capital LLC purchased a new position in Applied Industrial Technologies in the first quarter valued at approximately $25,000. Headlands Technologies LLC acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at $26,000. V Square Quantitative Management LLC purchased a new position in shares of Applied Industrial Technologies in the 3rd quarter valued at $34,000. Opal Wealth Advisors LLC acquired a new stake in Applied Industrial Technologies during the 2nd quarter worth $32,000. Finally, UMB Bank n.a. raised its stake in Applied Industrial Technologies by 68.1% during the 3rd quarter. UMB Bank n.a. now owns 190 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 77 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $231.89 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. The business has a 50 day simple moving average of $211.77 and a 200-day simple moving average of $199.97. Applied Industrial Technologies, Inc. has a 12 month low of $149.59 and a 12 month high of $235.75. The stock has a market capitalization of $8.95 billion, a PE ratio of 24.31, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the business earned $2.35 EPS. The business’s revenue was up .2% on a year-over-year basis. Equities analysts predict that Applied Industrial Technologies, Inc. will post 9.69 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on AIT shares. Bank of America assumed coverage on shares of Applied Industrial Technologies in a research note on Monday, October 7th. They issued a “neutral” rating and a $232.00 price objective for the company. Raymond James started coverage on Applied Industrial Technologies in a research report on Wednesday, September 4th. They issued an “outperform” rating and a $225.00 target price for the company. Robert W. Baird lifted their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday. StockNews.com downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. Finally, Northcoast Research initiated coverage on shares of Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating for the company. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $236.17.

Insiders Place Their Bets

In other news, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction that occurred 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 directly owns 19,315 shares of the company’s stock, valued at $4,037,221.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the transaction, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Kurt W. Loring sold 3,366 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now directly owns 19,315 shares in the company, valued at $4,037,221.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,927 shares of company stock worth $2,439,116. Company insiders own 2.20% of the company’s stock.

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.