Los Angeles Capital Management LLC Sells 29,216 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Los Angeles Capital Management LLC trimmed its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 96.9% in the third quarter, Holdings Channel.com reports. The firm owned 923 shares of the industrial products company’s stock after selling 29,216 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Applied Industrial Technologies were worth $206,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. EntryPoint Capital LLC acquired a new position in shares of Applied Industrial Technologies in the first quarter valued at approximately $25,000. Headlands Technologies LLC acquired a new position in Applied Industrial Technologies in the 2nd quarter worth $26,000. Opal Wealth Advisors LLC bought a new position in Applied Industrial Technologies during the 2nd quarter worth about $32,000. V Square Quantitative Management LLC acquired a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at about $34,000. Finally, Quarry LP acquired a new stake in shares of Applied Industrial Technologies in the 2nd quarter valued at about $39,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Oppenheimer increased their price objective on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Robert W. Baird raised their price target on shares of Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Raymond James boosted their price objective on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. KeyCorp raised their target price on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Loop Capital boosted their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $267.86.

Applied Industrial Technologies Stock Performance

Shares of AIT stock opened at $267.40 on Tuesday. The company has a fifty day moving average price of $230.16 and a two-hundred day moving average price of $208.43. Applied Industrial Technologies, Inc. has a one year low of $155.47 and a one year high of $276.97. The stock has a market cap of $10.28 billion, a P/E ratio of 27.68, a P/E/G ratio of 3.66 and a beta of 1.03. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.78 and a quick ratio of 2.74.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. Applied Industrial Technologies’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the company posted $2.39 earnings per share. As a group, equities analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.10%.

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the sale, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. This trade represents a 20.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.67% of the company’s stock.

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.