Great West Life Assurance Co. Can lowered its position in Applied Industrial Technologies (NYSE:AIT) by 2.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 49,569 shares of the industrial products company’s stock after selling 1,380 shares during the quarter. Great West Life Assurance Co. Can’s holdings in Applied Industrial Technologies were worth $3,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Amalgamated Bank grew its holdings in shares of Applied Industrial Technologies by 13.0% in the second quarter. Amalgamated Bank now owns 6,223 shares of the industrial products company’s stock worth $437,000 after acquiring an additional 715 shares during the period. Piedmont Investment Advisors LLC grew its holdings in Applied Industrial Technologies by 9.0% during the second quarter. Piedmont Investment Advisors LLC now owns 9,009 shares of the industrial products company’s stock valued at $632,000 after purchasing an additional 743 shares during the period. LPL Financial LLC grew its holdings in Applied Industrial Technologies by 28.9% during the first quarter. LPL Financial LLC now owns 4,010 shares of the industrial products company’s stock valued at $288,000 after purchasing an additional 900 shares during the period. Profund Advisors LLC grew its holdings in Applied Industrial Technologies by 15.1% during the first quarter. Profund Advisors LLC now owns 7,757 shares of the industrial products company’s stock valued at $565,000 after purchasing an additional 1,018 shares during the period. Finally, Quantitative Systematic Strategies LLC grew its holdings in Applied Industrial Technologies by 10.5% during the second quarter. Quantitative Systematic Strategies LLC now owns 12,633 shares of the industrial products company’s stock valued at $886,000 after purchasing an additional 1,199 shares during the period. 89.43% of the stock is owned by institutional investors.

AIT has been the subject of several recent research reports. Zacks Investment Research raised Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $83.00 price target for the company in a report on Monday, August 13th. Wellington Shields raised Applied Industrial Technologies from a “gradually accumulate” rating to a “buy” rating in a report on Monday, August 13th. ValuEngine raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Wednesday. Wells Fargo & Co boosted their price target on Applied Industrial Technologies from $73.00 to $80.00 and gave the company a “hold” rating in a report on Monday, August 13th. Finally, Northcoast Research reissued a “neutral” rating on shares of Applied Industrial Technologies in a report on Friday, August 10th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Applied Industrial Technologies presently has an average rating of “Buy” and a consensus target price of $81.50.

NYSE:AIT opened at $79.30 on Friday. Applied Industrial Technologies has a 52-week low of $59.05 and a 52-week high of $79.55. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.45 and a quick ratio of 1.47. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of 21.20, a P/E/G ratio of 1.41 and a beta of 0.89.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Friday, August 10th. The industrial products company reported $1.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.03. Applied Industrial Technologies had a return on equity of 18.34% and a net margin of 4.61%. The business had revenue of $897.70 million during the quarter, compared to analyst estimates of $882.74 million. During the same quarter in the previous year, the company posted $0.78 earnings per share. Applied Industrial Technologies’s revenue for the quarter was up 135.3% on a year-over-year basis. equities research analysts predict that Applied Industrial Technologies will post 4.65 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 31st. Shareholders of record on Wednesday, August 15th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.51%. The ex-dividend date was Tuesday, August 14th. Applied Industrial Technologies’s dividend payout ratio is presently 32.09%.

In other Applied Industrial Technologies news, Director L Thomas Hiltz sold 12,500 shares of the business’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $77.15, for a total transaction of $964,375.00. Following the completion of the sale, the director now owns 1,544 shares of the company’s stock, valued at $119,119.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.70% of the company’s stock.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.

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Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

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