Wellington Management Group LLP Sells 46,558 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Wellington Management Group LLP lessened its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 8.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 527,863 shares of the industrial products company’s stock after selling 46,558 shares during the period. Wellington Management Group LLP owned about 1.37% of Applied Industrial Technologies worth $117,782,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AIT. Headlands Technologies LLC bought a new stake in Applied Industrial Technologies in the second quarter valued at approximately $26,000. V Square Quantitative Management LLC bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at $34,000. First Horizon Advisors Inc. increased its position in shares of Applied Industrial Technologies by 106.0% during the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock worth $38,000 after buying an additional 88 shares during the period. Quarry LP bought a new position in Applied Industrial Technologies during the second quarter worth $39,000. Finally, UMB Bank n.a. lifted its holdings in Applied Industrial Technologies by 68.1% in the third quarter. UMB Bank n.a. now owns 190 shares of the industrial products company’s stock valued at $42,000 after buying an additional 77 shares during the period. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $271.93 on Tuesday. Applied Industrial Technologies, Inc. has a twelve month low of $163.50 and a twelve month high of $282.98. The stock’s 50 day moving average is $249.42 and its 200-day moving average is $217.26. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $10.46 billion, a price-to-earnings ratio of 27.75, a PEG ratio of 3.76 and a beta of 1.05.

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

Applied Industrial Technologies Dividend Announcement

The business also recently declared 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 was Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.54%. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 15.10%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on AIT shares. Oppenheimer increased their price target on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Bank of America raised Applied Industrial Technologies from a “neutral” rating to a “buy” rating and raised their target price for the stock from $285.00 to $315.00 in a research note on Tuesday, November 26th. KeyCorp lifted their target price on Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Robert W. Baird lifted their price objective on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Applied Industrial Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $285.71.

Insiders Place Their Bets

In related news, VP Warren E. Hoffner III sold 4,000 shares of the business’s stock in a transaction dated 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Dean Hall sold 2,200 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total transaction 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 trade represents a 38.86 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.67% 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.