Pier Capital LLC Sells 4,968 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Pier Capital LLC cut its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 8.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 56,874 shares of the industrial products company’s stock after selling 4,968 shares during the period. Applied Industrial Technologies comprises approximately 1.6% of Pier Capital LLC’s holdings, making the stock its 3rd biggest position. Pier Capital LLC owned 0.15% of Applied Industrial Technologies worth $11,034,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. EntryPoint Capital LLC acquired a new position in shares of Applied Industrial Technologies during the first quarter valued at $25,000. Headlands Technologies LLC bought a new position in Applied Industrial Technologies in the 2nd quarter worth about $26,000. ICA Group Wealth Management LLC acquired a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at approximately $26,000. Opal Wealth Advisors LLC bought a new stake in shares of Applied Industrial Technologies during the second quarter valued at approximately $32,000. Finally, ZRC Wealth Management LLC acquired a new position in shares of Applied Industrial Technologies during the first quarter worth approximately $42,000. Institutional investors own 93.52% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on AIT shares. StockNews.com cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. KeyCorp raised their price target on Applied Industrial Technologies from $210.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, August 16th. Loop Capital upped their price objective on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, August 16th. Robert W. Baird boosted their price target on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Northcoast Research started coverage on shares of Applied Industrial Technologies in a report on Monday, July 1st. They issued a “neutral” rating for the company. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $223.00.

Applied Industrial Technologies Stock Up 0.3 %

NYSE AIT opened at $197.78 on Wednesday. Applied Industrial Technologies, Inc. has a 12 month low of $149.59 and a 12 month high of $223.15. The company has a market capitalization of $7.59 billion, a P/E ratio of 20.73, a PEG ratio of 1.96 and a beta of 1.03. The company’s 50 day simple moving average is $200.82 and its 200 day simple moving average is $194.28. 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 (NYSE:AIT) last announced its quarterly earnings data on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, beating analysts’ consensus estimates of $2.52 by $0.12. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.19 billion. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The company’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.35 EPS. Equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.86 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Thursday, August 15th were paid a $0.37 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.75%. Applied Industrial Technologies’s dividend payout ratio is currently 15.51%.

Insider Buying and Selling

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the sale, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at $41,602,385.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the sale, the chief executive officer now owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction of $986,659.80. Following the transaction, the vice president now directly owns 19,315 shares in the company, valued at approximately $3,922,876.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,927 shares of company stock valued at $2,439,116. 2.20% of the stock is owned by corporate insiders.

Applied Industrial Technologies 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.