Meeder Asset Management Inc. Decreases Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Meeder Asset Management Inc. lowered its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 95.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 176 shares of the industrial products company’s stock after selling 3,759 shares during the period. Meeder Asset Management Inc.’s holdings in Applied Industrial Technologies were worth $39,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in AIT. Dundas Partners LLP purchased a new position in shares of Applied Industrial Technologies in the second quarter worth $46,805,000. Fiera Capital Corp raised its holdings in shares of Applied Industrial Technologies by 456.3% in the third quarter. Fiera Capital Corp now owns 130,895 shares of the industrial products company’s stock worth $29,207,000 after buying an additional 107,365 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Applied Industrial Technologies in the third quarter worth $213,590,000. F M Investments LLC purchased a new position in shares of Applied Industrial Technologies in the second quarter worth $15,690,000. Finally, New York State Common Retirement Fund raised its holdings in shares of Applied Industrial Technologies by 65.6% in 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. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Down 0.1 %

Shares of NYSE AIT opened at $265.96 on Thursday. The company’s 50-day simple moving average is $232.93 and its 200-day simple moving average is $209.58. Applied Industrial Technologies, Inc. has a 52-week low of $155.47 and a 52-week high of $276.97. The firm has a market cap of $10.23 billion, a price-to-earnings ratio of 27.14, a price-to-earnings-growth ratio of 3.66 and a beta of 1.03. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results 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 business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the business earned $2.39 earnings per share. Equities analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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 given a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.56%. Applied Industrial Technologies’s payout ratio is presently 15.10%.

Insider Buying and Selling

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of Applied Industrial Technologies 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 transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at $3,922,876.50. The trade was a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.67% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on AIT shares. 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 report on Wednesday, October 16th. Oppenheimer raised their target price on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Bank of America raised their target price on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Raymond James raised their target price on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Applied Industrial Technologies presently has an average rating of “Moderate Buy” and an average price target of $267.86.

Applied Industrial Technologies Profile

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.