Applied Industrial Technologies, Inc. (AIT) Shares Sold by Summit Global Investments

Summit Global Investments lowered its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 8.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,100 shares of the industrial products company’s stock after selling 700 shares during the quarter. Summit Global Investments’ holdings in Applied Industrial Technologies were worth $478,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Neuburgh Advisers LLC raised its holdings in Applied Industrial Technologies by 6.2% during the first quarter. Neuburgh Advisers LLC now owns 1,892 shares of the industrial products company’s stock worth $117,000 after purchasing an additional 110 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Applied Industrial Technologies by 2.4% during the first quarter. Envestnet Asset Management Inc. now owns 2,741 shares of the industrial products company’s stock worth $170,000 after purchasing an additional 64 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in Applied Industrial Technologies during the first quarter worth approximately $194,000. Riverhead Capital Management LLC raised its holdings in Applied Industrial Technologies by 57.0% during the second quarter. Riverhead Capital Management LLC now owns 3,298 shares of the industrial products company’s stock worth $195,000 after purchasing an additional 1,198 shares in the last quarter. Finally, Paradigm Asset Management Co. LLC raised its holdings in Applied Industrial Technologies by 59.1% during the second quarter. Paradigm Asset Management Co. LLC now owns 3,500 shares of the industrial products company’s stock worth $207,000 after purchasing an additional 1,300 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

AIT has been the topic of a number of research analyst reports. Zacks Investment Research cut shares of Applied Industrial Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 27th. Wells Fargo & Company restated a “market perform” rating and set a $63.00 target price (down from $67.00) on shares of Applied Industrial Technologies in a research report on Wednesday, July 12th. Northcoast Research started coverage on shares of Applied Industrial Technologies in a research report on Tuesday, July 25th. They set a “neutral” rating on the stock. BidaskClub lowered shares of Applied Industrial Technologies from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Finally, ValuEngine upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $64.50.

In other Applied Industrial Technologies news, VP Mark O. Eisele sold 6,000 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $56.92, for a total value of $341,520.00. Following the sale, the vice president now directly owns 159,029 shares of the company’s stock, valued at $9,051,930.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Mark O. Eisele sold 8,926 shares of the stock in a transaction on Friday, August 18th. The stock was sold at an average price of $54.55, for a total value of $486,913.30. Following the completion of the sale, the vice president now directly owns 141,029 shares in the company, valued at $7,693,131.95. The disclosure for this sale can be found here. Insiders sold 73,571 shares of company stock worth $4,070,841 over the last ninety days. 4.40% of the stock is owned by corporate insiders.

Applied Industrial Technologies, Inc. (AIT) opened at 59.25 on Friday. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 17.43 and a beta of 0.92. The stock’s 50 day moving average is $56.48 and its 200-day moving average is $59.80. Applied Industrial Technologies, Inc. has a 12 month low of $43.50 and a 12 month high of $69.00.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Friday, August 11th. The industrial products company reported $1.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.56. Applied Industrial Technologies had a return on equity of 15.89% and a net margin of 5.16%. The business had revenue of $681.47 million for the quarter, compared to analyst estimates of $680.20 million. During the same period in the prior year, the company posted $0.66 EPS. The business’s revenue was up 7.5% compared to the same quarter last year. On average, equities research analysts expect that Applied Industrial Technologies, Inc. will post $3.10 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Tuesday, August 15th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.96%. The ex-dividend date was Friday, August 11th. Applied Industrial Technologies’s dividend payout ratio is presently 34.12%.

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Applied Industrial Technologies Profile

Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.

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

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