Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Bought by Quest Partners LLC

Quest Partners LLC lifted its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 1,282.1% during the second quarter, HoldingsChannel reports. The firm owned 11,610 shares of the industrial products company’s stock after purchasing an additional 10,770 shares during the quarter. Quest Partners LLC’s holdings in Applied Industrial Technologies were worth $2,252,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. EntryPoint Capital LLC purchased a new stake in Applied Industrial Technologies during the 1st quarter worth $25,000. ICA Group Wealth Management LLC acquired a new position in shares of Applied Industrial Technologies in the fourth quarter worth about $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Applied Industrial Technologies in the second quarter worth about $32,000. ZRC Wealth Management LLC purchased a new position in Applied Industrial Technologies in the first quarter valued at about $42,000. Finally, EverSource Wealth Advisors LLC grew its stake in Applied Industrial Technologies by 68.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 305 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 124 shares in the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Applied Industrial Technologies

In related news, 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 transaction of $703,561.32. Following the completion of the transaction, the vice president now owns 19,315 shares in the company, valued at approximately $4,037,221.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $203.10, for a total value of $986,659.80. Following the sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the completion of the sale, the vice president now owns 19,315 shares in the company, valued at $4,037,221.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,927 shares of company stock worth $2,439,116. 2.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AIT. Robert W. Baird upped their target price on Applied Industrial Technologies from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Loop Capital upped their price target on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a report on Friday, August 16th. Raymond James began coverage on shares of Applied Industrial Technologies in a research note on Wednesday, September 4th. They set an “outperform” rating and a $225.00 price objective on the stock. StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, KeyCorp increased their price target on shares of Applied Industrial Technologies from $210.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, August 16th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $223.00.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock opened at $193.61 on Monday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.53 and a quick ratio of 2.56. Applied Industrial Technologies, Inc. has a 12 month low of $149.59 and a 12 month high of $223.15. The company has a fifty day moving average price of $200.57 and a two-hundred day moving average price of $194.09. The company has a market cap of $7.43 billion, a PE ratio of 20.29, a P/E/G ratio of 1.96 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, beating 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 business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the previous year, the business posted $2.35 EPS. The company’s quarterly revenue was up .2% on a year-over-year basis. Research analysts expect that Applied Industrial Technologies, Inc. will post 9.86 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 0.76%. The ex-dividend date of this dividend was Thursday, August 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.51%.

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.