Everence Capital Management Inc. Sells 700 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Everence Capital Management Inc. cut its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 10.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,000 shares of the industrial products company’s stock after selling 700 shares during the quarter. Everence Capital Management Inc.’s holdings in Applied Industrial Technologies were worth $1,036,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of AIT. FinTrust Capital Advisors LLC purchased a new stake in Applied Industrial Technologies in the 4th quarter worth approximately $25,000. Point72 Middle East FZE purchased a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at $28,000. State of Wyoming purchased a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at $29,000. Huntington National Bank raised its position in shares of Applied Industrial Technologies by 963.2% during the 3rd quarter. Huntington National Bank now owns 202 shares of the industrial products company’s stock valued at $31,000 after buying an additional 183 shares in the last quarter. Finally, NBC Securities Inc. purchased a new stake in shares of Applied Industrial Technologies during the 3rd quarter valued at $40,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $187.88 on Wednesday. The stock has a market cap of $7.27 billion, a PE ratio of 19.72, a PEG ratio of 2.00 and a beta of 1.08. Applied Industrial Technologies, Inc. has a 52 week low of $122.24 and a 52 week high of $201.76. The company’s fifty day moving average is $190.30 and its 200 day moving average is $174.17. The company has a quick ratio of 2.59, a current ratio of 3.74 and a debt-to-equity ratio of 0.36.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, January 25th. The industrial products company reported $2.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.11 by $0.13. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The company’s revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.05 earnings per share. Research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.49 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 15th were given a dividend of $0.37 per share. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.35. The ex-dividend date was Wednesday, February 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.79%. Applied Industrial Technologies’s dividend payout ratio is currently 15.53%.

Insider Buying and Selling

In related news, VP Warren E. Hoffner III sold 2,000 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total transaction of $364,680.00. Following the completion of the transaction, the vice president now owns 57,155 shares in the company, valued at $10,421,642.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on AIT shares. Oppenheimer started coverage on shares of Applied Industrial Technologies in a research report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price objective on the stock. KeyCorp raised their price objective on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $201.00.

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.