Pitcairn Co. reduced its position in Applied Industrial Technologies, Inc. (NYSE:AIT – Free Report) by 10.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,663 shares of the industrial products company’s stock after selling 298 shares during the quarter. Pitcairn Co.’s holdings in Applied Industrial Technologies were worth $594,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of AIT. Dundas Partners LLP bought a new position in shares of Applied Industrial Technologies during the 2nd quarter worth about $46,805,000. Fiera Capital Corp lifted its stake in Applied Industrial Technologies by 456.3% during the third quarter. Fiera Capital Corp now owns 130,895 shares of the industrial products company’s stock worth $29,207,000 after purchasing an additional 107,365 shares during the period. International Assets Investment Management LLC acquired a new stake in Applied Industrial Technologies during the third quarter valued at approximately $213,590,000. F M Investments LLC bought a new stake in shares of Applied Industrial Technologies in the 2nd quarter valued at approximately $15,690,000. Finally, Eagle Asset Management Inc. acquired a new position in shares of Applied Industrial Technologies in the 3rd quarter worth approximately $13,034,000. Institutional investors and hedge funds own 93.52% of the company’s stock.
Applied Industrial Technologies Price Performance
Shares of AIT stock opened at $278.57 on Tuesday. Applied Industrial Technologies, Inc. has a 1 year low of $155.47 and a 1 year high of $282.32. 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 firm’s 50 day moving average is $238.50 and its 200-day moving average is $211.80. The firm has a market capitalization of $10.71 billion, a price-to-earnings ratio of 28.43, a PEG ratio of 3.80 and a beta of 1.03.
Applied Industrial Technologies Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend is Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio is currently 15.10%.
Insider Buying and Selling at Applied Industrial Technologies
In other news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction that occurred on 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 20.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 1.67% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have weighed in on AIT. StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Mizuho started coverage on shares of Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 target price on the stock. Loop Capital increased their target price 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. Oppenheimer boosted their price target on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Finally, Robert W. Baird raised their price objective 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. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $267.86.
Check Out Our Latest Analysis on AIT
Applied Industrial Technologies Company 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.
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