Applied Industrial Technologies, Inc. (NYSE:AIT) Sees Large Increase in Short Interest

Applied Industrial Technologies, Inc. (NYSE:AIT) was the recipient of a large increase in short interest in the month of April. As of April 15th, there was short interest totalling 807,700 shares, an increase of 55.7% from the March 31st total of 518,900 shares. Approximately 2.1% of the company’s shares are sold short. Based on an average daily volume of 374,100 shares, the short-interest ratio is presently 2.2 days.

Applied Industrial Technologies Stock Up 1.1 %

NYSE:AIT traded up $1.95 on Friday, reaching $180.89. 448,122 shares of the stock traded hands, compared to its average volume of 245,005. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of 18.96, a PEG ratio of 1.87 and a beta of 1.08. The company has a current ratio of 3.77, a quick ratio of 2.59 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies has a 12 month low of $122.24 and a 12 month high of $201.76. The company’s fifty day simple moving average is $189.87 and its 200 day simple moving average is $175.46.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.08. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. Applied Industrial Technologies’s revenue was down 2.8% compared to the same quarter last year. During the same period last year, the business earned $2.38 EPS. Equities analysts predict that Applied Industrial Technologies will post 9.55 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date is Tuesday, May 14th. Applied Industrial Technologies’s payout ratio is presently 15.51%.

Insider Transactions at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 2,000 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $182.34, for a total value of $364,680.00. Following the completion of the transaction, the vice president now directly owns 57,155 shares in the company, valued at approximately $10,421,642.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Institutional investors have recently made changes to their positions in the stock. ICA Group Wealth Management LLC purchased a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at about $26,000. Huntington National Bank grew its position in Applied Industrial Technologies by 963.2% during the third quarter. Huntington National Bank now owns 202 shares of the industrial products company’s stock valued at $31,000 after buying an additional 183 shares during the period. ZRC Wealth Management LLC bought a new stake in Applied Industrial Technologies during the first quarter valued at approximately $42,000. NBC Securities Inc. bought a new stake in Applied Industrial Technologies during the third quarter valued at approximately $40,000. Finally, McGlone Suttner Wealth Management Inc. bought a new stake in Applied Industrial Technologies during the fourth quarter valued at approximately $54,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on AIT shares. Oppenheimer started coverage on shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price target for the company. KeyCorp increased their price target on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $201.00.

About Applied Industrial Technologies

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.