Victory Capital Management Inc. Has $35.30 Million Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Victory Capital Management Inc. trimmed its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 22.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 158,185 shares of the industrial products company’s stock after selling 46,245 shares during the period. Victory Capital Management Inc.’s holdings in Applied Industrial Technologies were worth $35,296,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Boston Trust Walden Corp lifted its position in shares of Applied Industrial Technologies by 1.2% in the 2nd quarter. Boston Trust Walden Corp now owns 630,915 shares of the industrial products company’s stock valued at $122,398,000 after acquiring an additional 7,720 shares in the last quarter. Dundas Partners LLP acquired a new stake in Applied Industrial Technologies during the 2nd quarter valued at $46,805,000. Handelsbanken Fonder AB raised its stake in Applied Industrial Technologies by 28.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 221,823 shares of the industrial products company’s stock valued at $49,495,000 after purchasing an additional 49,500 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of Applied Industrial Technologies by 65.6% in the third quarter. New York State Common Retirement Fund now owns 144,621 shares of the industrial products company’s stock valued at $32,269,000 after purchasing an additional 57,283 shares in the last quarter. Finally, Fiera Capital Corp boosted its position in shares of Applied Industrial Technologies by 456.3% in the third quarter. Fiera Capital Corp now owns 130,895 shares of the industrial products company’s stock worth $29,207,000 after buying an additional 107,365 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Price Performance

NYSE AIT opened at $266.73 on Friday. 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 stock has a market capitalization of $10.25 billion, a PE ratio of 27.22, a price-to-earnings-growth ratio of 3.73 and a beta of 1.03. Applied Industrial Technologies, Inc. has a 12-month low of $155.47 and a 12-month high of $276.97. The company has a 50 day moving average price of $230.16 and a two-hundred day moving average price of $208.06.

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 (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.11. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. Applied Industrial Technologies’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.39 EPS. As a group, equities analysts predict that Applied Industrial Technologies, Inc. will post 9.74 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 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 0.55%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio is 15.10%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. KeyCorp upped their price target on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Loop Capital increased their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Raymond James raised their price target on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Mizuho assumed coverage on shares of Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective on the stock. Finally, Bank of America lifted their target price on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $267.86.

Insider Activity at Applied Industrial Technologies

In related 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 value of $748,894.72. Following the transaction, the chief executive officer now owns 205,708 shares in the company, valued at $41,602,385.92. This trade represents a 1.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction of $986,659.80. Following the sale, the vice president now owns 19,315 shares of the company’s stock, valued at $3,922,876.50. This trade represents a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,927 shares of company stock valued at $2,439,116. Corporate insiders own 1.67% of the company’s stock.

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.