Applied Industrial Technologies (NYSE:AIT) Shares Gap Down to $198.92

Applied Industrial Technologies, Inc. (NYSE:AIT)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $198.92, but opened at $193.07. Applied Industrial Technologies shares last traded at $193.62, with a volume of 44,444 shares.

Analysts Set New Price Targets

Separately, Northcoast Research started coverage on Applied Industrial Technologies in a report on Monday, July 1st. They issued a “neutral” rating for the company.

Applied Industrial Technologies Price Performance

The stock has a market cap of $7.75 billion, a PE ratio of 20.85, a price-to-earnings-growth ratio of 2.03 and a beta of 1.06. The stock’s fifty day moving average is $196.20 and its 200-day moving average is $191.97. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.70.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 15th will be paid a $0.37 dividend. The ex-dividend date is Thursday, August 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.74%. Applied Industrial Technologies’s dividend payout ratio (DPR) is 15.51%.

Insider Transactions at Applied Industrial Technologies

In related news, VP Jason W. Vasquez sold 650 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $196.71, for a total value of $127,861.50. Following the transaction, the vice president now directly owns 22,960 shares in the company, valued at $4,516,461.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.20% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Dundas Partners LLP purchased a new stake in Applied Industrial Technologies in the second quarter valued at approximately $46,805,000. AQR Capital Management LLC raised its holdings in shares of Applied Industrial Technologies by 57.6% in the 2nd quarter. AQR Capital Management LLC now owns 52,476 shares of the industrial products company’s stock valued at $10,120,000 after buying an additional 19,169 shares during the period. Squarepoint Ops LLC raised its holdings in shares of Applied Industrial Technologies by 9.9% in the 2nd quarter. Squarepoint Ops LLC now owns 6,722 shares of the industrial products company’s stock valued at $1,304,000 after buying an additional 608 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Applied Industrial Technologies by 42.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 435 shares of the industrial products company’s stock worth $84,000 after acquiring an additional 130 shares in the last quarter. Finally, Ensign Peak Advisors Inc boosted its holdings in Applied Industrial Technologies by 53.2% during the 2nd quarter. Ensign Peak Advisors Inc now owns 32,757 shares of the industrial products company’s stock valued at $6,355,000 after acquiring an additional 11,380 shares during the period. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

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.