Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Summit Trail Advisors LLC

Summit Trail Advisors LLC lowered its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 43.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 957 shares of the industrial products company’s stock after selling 748 shares during the period. Summit Trail Advisors LLC’s holdings in Applied Industrial Technologies were worth $229,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in shares of Applied Industrial Technologies during the 3rd quarter worth about $34,000. First Horizon Advisors Inc. lifted its stake in shares of Applied Industrial Technologies by 106.0% during the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after buying an additional 88 shares during the period. Millburn Ridgefield Corp acquired a new stake in Applied Industrial Technologies during the third quarter worth approximately $84,000. Versant Capital Management Inc boosted its position in Applied Industrial Technologies by 16.8% during the fourth quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company’s stock worth $91,000 after acquiring an additional 55 shares during the last quarter. Finally, Values First Advisors Inc. purchased a new stake in Applied Industrial Technologies in the 3rd quarter worth approximately $114,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AIT. KeyCorp increased their price target on Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and increased their target price for the stock from $285.00 to $315.00 in a research report on Tuesday, November 26th. Loop Capital lifted their price target on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. Robert W. Baird upped their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, Mizuho started coverage on Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $291.43.

Insider Activity

In other news, VP Warren E. Hoffner III sold 4,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total value of $1,126,560.00. Following the completion of the transaction, the vice president now owns 55,709 shares of the company’s stock, valued at approximately $15,689,882.76. This represents a 6.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Mary Dean Hall sold 2,200 shares of Applied Industrial Technologies stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total transaction of $605,176.00. Following the sale, the director now owns 3,462 shares in the company, valued at approximately $952,326.96. This represents a 38.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.67% of the company’s stock.

Applied Industrial Technologies Trading Down 1.0 %

NYSE:AIT opened at $259.95 on Thursday. Applied Industrial Technologies, Inc. has a 12-month low of $177.68 and a 12-month high of $282.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55. The business has a 50 day simple moving average of $255.19 and a 200 day simple moving average of $236.61. The firm has a market capitalization of $9.98 billion, a P/E ratio of 26.34, a P/E/G ratio of 3.43 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. Equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.87 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be paid a $0.46 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.84 annualized dividend and a dividend yield of 0.71%. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 14.99%.

Applied Industrial Technologies Company Profile

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.