Wedge Capital Management L L P NC Makes New Investment in Applied Industrial Technologies (NYSE:AIT)

Wedge Capital Management L L P NC bought a new position in Applied Industrial Technologies (NYSE:AIT) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 9,548 shares of the industrial products company’s stock, valued at approximately $587,000.

A number of other hedge funds also recently modified their holdings of AIT. FinTrust Capital Advisors LLC boosted its stake in shares of Applied Industrial Technologies by 174.8% during the first quarter. FinTrust Capital Advisors LLC now owns 437 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 278 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Applied Industrial Technologies by 13.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,943 shares of the industrial products company’s stock valued at $175,000 after purchasing an additional 343 shares in the last quarter. Zions Bancorporation N.A. boosted its stake in shares of Applied Industrial Technologies by 15.1% during the first quarter. Zions Bancorporation N.A. now owns 3,176 shares of the industrial products company’s stock valued at $189,000 after purchasing an additional 416 shares in the last quarter. CWM Advisors LLC bought a new position in shares of Applied Industrial Technologies during the second quarter valued at approximately $222,000. Finally, Zeke Capital Advisors LLC bought a new position in shares of Applied Industrial Technologies during the first quarter valued at approximately $282,000. Institutional investors and hedge funds own 88.50% of the company’s stock.

A number of equities analysts have recently issued reports on AIT shares. KeyCorp reiterated an “overweight” rating and set a $65.00 price objective (down from $70.00) on shares of Applied Industrial Technologies in a research note on Thursday. Wells Fargo & Co dropped their price objective on shares of Applied Industrial Technologies from $60.00 to $55.00 and set a “market perform” rating on the stock in a research note on Thursday. Finally, ValuEngine upgraded shares of Applied Industrial Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $63.33.

Shares of NYSE AIT traded up $0.68 during midday trading on Friday, reaching $53.20. 164,000 shares of the company’s stock traded hands, compared to its average volume of 214,549. The company has a quick ratio of 1.61, a current ratio of 2.71 and a debt-to-equity ratio of 1.01. The stock’s 50 day simple moving average is $58.55 and its 200-day simple moving average is $58.32. Applied Industrial Technologies has a one year low of $49.45 and a one year high of $82.35. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 12.06 and a beta of 1.31.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Wednesday, August 14th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.19 by ($0.17). The business had revenue of $882.70 million for the quarter, compared to the consensus estimate of $919.72 million. Applied Industrial Technologies had a net margin of 4.15% and a return on equity of 19.53%. Applied Industrial Technologies’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.03 earnings per share. Equities analysts predict that Applied Industrial Technologies will post 4.4 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 15th will be paid a $0.31 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $1.24 annualized dividend and a yield of 2.33%. Applied Industrial Technologies’s dividend payout ratio (DPR) is 28.12%.

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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