Applied Industrial Technologies (NYSE:AIT) Shares Sold by Zacks Investment Management

Zacks Investment Management reduced its holdings in Applied Industrial Technologies (NYSE:AIT) by 50.6% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,828 shares of the industrial products company’s stock after selling 19,314 shares during the quarter. Zacks Investment Management’s holdings in Applied Industrial Technologies were worth $1,321,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in AIT. Amalgamated Bank increased its position in shares of Applied Industrial Technologies by 13.0% during the 2nd quarter. Amalgamated Bank now owns 6,223 shares of the industrial products company’s stock valued at $437,000 after purchasing an additional 715 shares during the last quarter. Piedmont Investment Advisors LLC grew its position in Applied Industrial Technologies by 9.0% during the 2nd quarter. Piedmont Investment Advisors LLC now owns 9,009 shares of the industrial products company’s stock worth $632,000 after acquiring an additional 743 shares during the last quarter. LPL Financial LLC grew its position in Applied Industrial Technologies by 28.9% during the 1st quarter. LPL Financial LLC now owns 4,010 shares of the industrial products company’s stock worth $288,000 after acquiring an additional 900 shares during the last quarter. Summit Global Investments grew its position in Applied Industrial Technologies by 12.2% during the 2nd quarter. Summit Global Investments now owns 9,200 shares of the industrial products company’s stock worth $645,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Profund Advisors LLC grew its position in Applied Industrial Technologies by 15.1% during the 1st quarter. Profund Advisors LLC now owns 7,757 shares of the industrial products company’s stock worth $565,000 after acquiring an additional 1,018 shares during the last quarter. Institutional investors and hedge funds own 89.36% of the company’s stock.

Several research firms recently issued reports on AIT. ValuEngine upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th. Northcoast Research restated a “neutral” rating on shares of Applied Industrial Technologies in a research report on Friday, August 10th. Wellington Shields upgraded Applied Industrial Technologies from a “gradually accumulate” rating to a “buy” rating in a research report on Monday, August 13th. Zacks Investment Research upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $83.00 price target on the stock in a research report on Monday, August 13th. Finally, Wells Fargo & Co increased their price objective on Applied Industrial Technologies from $73.00 to $80.00 and gave the stock a “hold” rating in a report on Monday, August 13th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $81.50.

NYSE AIT opened at $76.27 on Tuesday. Applied Industrial Technologies has a fifty-two week low of $59.65 and a fifty-two week high of $82.35. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.45 and a quick ratio of 1.47. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of 20.29, a price-to-earnings-growth ratio of 1.40 and a beta of 0.87.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Friday, August 10th. The industrial products company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.03. The business had revenue of $897.70 million during the quarter, compared to analysts’ expectations of $882.74 million. Applied Industrial Technologies had a return on equity of 18.34% and a net margin of 4.61%. The business’s revenue was up 135.3% on a year-over-year basis. During the same quarter last year, the business posted $0.78 EPS. As a group, research analysts expect that Applied Industrial Technologies will post 4.65 earnings per share for the current year.

In other news, Director L Thomas Hiltz sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $77.15, for a total value of $964,375.00. Following the completion of the transaction, the director now owns 1,544 shares in the company, valued at approximately $119,119.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 3.10% of the company’s stock.

Applied Industrial Technologies Profile

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.

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Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

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