Applied Industrial Technologies, Inc. $AIT Stock: ProShare Advisors LLC Reduces Holdings

ProShare Advisors LLC reduced its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 11.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 81,160 shares of the industrial products company’s stock after selling 10,231 shares during the quarter. ProShare Advisors LLC owned approximately 0.22% of Applied Industrial Technologies worth $26,969,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of AIT. BlackRock Inc. bought a new stake in Applied Industrial Technologies in the second quarter worth approximately $1,336,805,000. First Trust Advisors LP boosted its holdings in shares of Applied Industrial Technologies by 34.3% during the 1st quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock worth $259,706,000 after buying an additional 249,961 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $93,672,000. Allspring Global Investments Holdings LLC grew its position in shares of Applied Industrial Technologies by 12.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 259,786 shares of the industrial products company’s stock worth $69,976,000 after buying an additional 28,546 shares during the period. Finally, Bank of America Corp DE acquired a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $70,948,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on AIT shares. Robert W. Baird cut their price objective on shares of Applied Industrial Technologies from $400.00 to $350.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 28th. DA Davidson boosted their target price on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, August 14th. KeyCorp dropped their price target on Applied Industrial Technologies from $420.00 to $360.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 28th. Weiss Ratings lowered Applied Industrial Technologies from a “buy (a-)” rating to a “buy (b)” rating in a report on Friday, October 23rd. Finally, Mizuho reduced their price objective on Applied Industrial Technologies from $400.00 to $390.00 and set an “outperform” rating for the company in a research note on Thursday, October 15th. Seven equities research analysts have rated the stock with a Buy rating. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $380.00.

Insiders Place Their Bets

In related news, CFO David Wells sold 1,812 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total transaction of $643,441.20. Following the sale, the chief financial officer owned 32,050 shares of the company’s stock, valued at approximately $11,380,955. This represents a 5.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter Wallace sold 1,904 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the transaction, the director owned 22,859 shares of the company’s stock, valued at approximately $7,782,346.55. This represents a 7.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $293.82 on Monday. Applied Industrial Technologies, Inc. has a 52-week low of $238.72 and a 52-week high of $374.80. The company has a 50-day simple moving average of $327.32 and a 200 day simple moving average of $309.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.90 and a current ratio of 2.89. The company has a market capitalization of $10.73 billion, a PE ratio of 26.00, a price-to-earnings-growth ratio of 2.34 and a beta of 0.87.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Tuesday, October 27th. The industrial products company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.08. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.38%. The business’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.63 earnings per share. On average, research analysts predict that Applied Industrial Technologies, Inc. will post 12.06 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Friday, November 13th will be paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Friday, November 13th. Applied Industrial Technologies’s payout ratio is presently 18.05%.

Applied Industrial Technologies Profile

Applied Industrial Technologies, Inc (NYSE: AIT) is a distributor and value-added service provider of industrial motion, power transmission, fluid power, automation, and control products. Its offerings include bearings, mechanical power-transmission components, motors, gearboxes, hydraulic and pneumatic equipment, industrial hoses, process pumps, safety products, and related maintenance supplies.

The company also provides technical and engineering services designed to help customers improve equipment performance, reliability, and productivity.