Farther Finance Advisors LLC Cuts Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Farther Finance Advisors LLC cut its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 52.9% during the third quarter, HoldingsChannel.com reports. The fund owned 562 shares of the industrial products company’s stock after selling 630 shares during the period. Farther Finance Advisors LLC’s holdings in Applied Industrial Technologies were worth $125,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AIT. Dundas Partners LLP acquired a new stake in shares of Applied Industrial Technologies in the second quarter worth approximately $46,805,000. International Assets Investment Management LLC acquired a new position in Applied Industrial Technologies during the third quarter worth $213,590,000. F M Investments LLC acquired a new position in Applied Industrial Technologies during the second quarter worth $15,690,000. New York State Common Retirement Fund boosted its stake in Applied Industrial Technologies by 65.6% during the third quarter. New York State Common Retirement Fund now owns 144,621 shares of the industrial products company’s stock worth $32,269,000 after buying an additional 57,283 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in Applied Industrial Technologies by 28.7% during the third quarter. Handelsbanken Fonder AB now owns 221,823 shares of the industrial products company’s stock worth $49,495,000 after buying an additional 49,500 shares during the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AIT. Loop Capital boosted their price objective on Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Mizuho started coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price objective on the stock. Oppenheimer upped their price target on Applied Industrial Technologies from $235.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Bank of America upped their price target on Applied Industrial Technologies from $232.00 to $240.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Finally, KeyCorp upped their price target on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Applied Industrial Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $261.43.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the sale, the vice president now owns 19,315 shares in the company, valued at $3,922,876.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Applied Industrial Technologies news, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the sale, the vice president now owns 19,315 shares in the company, valued at $4,037,221.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the sale, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,927 shares of company stock worth $2,439,116. 1.67% of the stock is currently owned by company insiders.

Applied Industrial Technologies Price Performance

AIT stock opened at $275.26 on Tuesday. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $10.58 billion, a PE ratio of 28.09, a P/E/G ratio of 3.69 and a beta of 1.03. Applied Industrial Technologies, Inc. has a 12-month low of $155.47 and a 12-month high of $275.51. The business’s fifty day moving average price is $222.81 and its 200 day moving average price is $205.26.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.11. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.39 EPS. On average, sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.74 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.54%. Applied Industrial Technologies’s dividend payout ratio is presently 15.10%.

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.