Applied Industrial Technologies, Inc. (NYSE:AIT) Stock Position Cut by Cynosure Group LLC

Cynosure Group LLC trimmed its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 20.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,627 shares of the industrial products company’s stock after selling 406 shares during the quarter. Cynosure Group LLC’s holdings in Applied Industrial Technologies were worth $363,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its position in Applied Industrial Technologies by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 22,607 shares of the industrial products company’s stock worth $4,467,000 after purchasing an additional 1,461 shares during the period. Tidal Investments LLC boosted its stake in Applied Industrial Technologies by 7.5% during the first quarter. Tidal Investments LLC now owns 2,114 shares of the industrial products company’s stock valued at $418,000 after buying an additional 147 shares in the last quarter. Comerica Bank grew its holdings in Applied Industrial Technologies by 9.2% during the first quarter. Comerica Bank now owns 20,973 shares of the industrial products company’s stock worth $4,143,000 after acquiring an additional 1,765 shares during the period. Virtu Financial LLC bought a new stake in Applied Industrial Technologies in the first quarter worth about $231,000. Finally, SG Capital Management LLC acquired a new stake in Applied Industrial Technologies in the 1st quarter valued at about $4,775,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

Shares of AIT stock opened at $273.90 on Friday. The stock’s fifty day simple moving average is $242.03 and its 200-day simple moving average is $213.24. The company has a market capitalization of $10.53 billion, a price-to-earnings ratio of 27.95, a P/E/G ratio of 3.82 and a beta of 1.03. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies, Inc. has a 1-year low of $155.47 and a 1-year high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.11. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.39 EPS. On average, sell-side analysts predict that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.37 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.54%. Applied Industrial Technologies’s payout ratio is 15.10%.

Wall Street Analysts Forecast Growth

AIT has been the topic of a number of research reports. Bank of America upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $285.00 to $315.00 in a report on Tuesday. Raymond James upped their price target on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, October 25th. KeyCorp lifted their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Robert W. Baird upped their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and an average target price of $278.57.

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.