Fmr LLC Sells 155,499 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Fmr LLC lowered its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 7.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,944,143 shares of the industrial products company’s stock after selling 155,499 shares during the period. Fmr LLC owned 0.05% of Applied Industrial Technologies worth $433,797,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Westfield Capital Management Co. LP purchased a new position in Applied Industrial Technologies during the third quarter valued at $32,233,000. Sanctuary Advisors LLC purchased a new position in shares of Applied Industrial Technologies during the second quarter valued at about $1,279,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Applied Industrial Technologies in the third quarter worth about $3,591,000. Janney Montgomery Scott LLC lifted its position in shares of Applied Industrial Technologies by 126.0% in the third quarter. Janney Montgomery Scott LLC now owns 4,396 shares of the industrial products company’s stock worth $981,000 after buying an additional 2,451 shares in the last quarter. Finally, Dana Investment Advisors Inc. boosted its stake in Applied Industrial Technologies by 0.7% during the second quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock valued at $1,928,000 after buying an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $275.58 on Friday. Applied Industrial Technologies, Inc. has a 12-month low of $156.50 and a 12-month high of $282.98. 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 has a 50-day moving average price of $243.16 and a 200-day moving average price of $213.80. The firm has a market capitalization of $10.60 billion, a PE ratio of 28.12, a price-to-earnings-growth ratio of 3.76 and a beta of 1.03.

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

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date of this dividend was Friday, November 15th. Applied Industrial Technologies’s payout ratio is currently 15.10%.

Analysts Set New Price Targets

A number of analysts have issued reports on AIT shares. StockNews.com raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Robert W. Baird boosted 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 report on Wednesday, October 16th. Mizuho began coverage on shares of Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price target on the stock. Raymond James lifted 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 note on Friday, October 25th. Finally, Bank of America upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and upped their target price for the company from $285.00 to $315.00 in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $278.57.

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.