Applied Industrial Technologies, Inc. $AIT Stock Sold by ProShare Advisors LLC

ProShare Advisors LLC lessened its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 11.2% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 81,160 shares of the industrial products company’s stock after selling 10,231 shares during the period. ProShare Advisors LLC’s holdings in Applied Industrial Technologies were worth $26,969,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Alpine Bank Wealth Management purchased a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at about $25,000. Global Retirement Partners LLC bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter valued at about $37,000. Kilter Group LLC purchased a new position in shares of Applied Industrial Technologies during the second quarter worth about $40,000. Silvant Capital Management LLC purchased a new position in shares of Applied Industrial Technologies during the second quarter worth about $54,000. Finally, Harbor Investment Advisory LLC purchased a new position in shares of Applied Industrial Technologies during the second quarter worth about $96,000. Institutional investors own 93.52% of the company’s stock.

Insider Buying and Selling at Applied Industrial Technologies

In related news, CFO David Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the transaction, the chief financial officer owned 32,050 shares in the company, valued at $11,380,955. This trade represents a 5.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter Wallace sold 1,904 shares of the business’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following the completion of the sale, the director directly owned 22,859 shares of the company’s stock, valued at $7,782,346.55. This represents a 7.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is currently owned by company insiders.

Applied Industrial Technologies Price Performance

Shares of Applied Industrial Technologies stock opened at $293.82 on Monday. The firm 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. The company has a current ratio of 2.89, a quick ratio of 1.90 and a debt-to-equity ratio of 0.15. Applied Industrial Technologies, Inc. has a 12 month low of $238.72 and a 12 month high of $374.80. The business’s 50-day moving average price is $327.32 and its 200-day moving average price is $309.30.

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, topping the consensus estimate of $2.89 by $0.08. The business had revenue of $1.29 billion during 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%. Applied Industrial Technologies’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.63 earnings per share. Sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 12.06 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AIT. Mizuho lowered their target price on shares of Applied Industrial Technologies from $400.00 to $390.00 and set an “outperform” rating on the stock in a research note on Thursday, October 15th. Weiss Ratings lowered shares of Applied Industrial Technologies from a “buy (a-)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Oppenheimer reissued an “outperform” rating on shares of Applied Industrial Technologies in a research note on Wednesday. Robert W. Baird decreased their price target on shares of Applied Industrial Technologies from $400.00 to $350.00 and set an “outperform” rating on the stock in a report on Wednesday, October 28th. Finally, Bank of America raised their price objective on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $380.00.

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.