Insider Selling: Applied Industrial Technologies, Inc. (NYSE:AIT) Director Sells $53,704.00 in Stock

Applied Industrial Technologies, Inc. (NYSE:AIT) Director Peter C. Wallace sold 700 shares of the stock in a transaction that occurred on Tuesday, November 17th. The shares were sold at an average price of $76.72, for a total value of $53,704.00. Following the sale, the director now directly owns 30,444 shares of the company’s stock, valued at approximately $2,335,663.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Shares of AIT stock opened at $76.64 on Friday. The stock has a fifty day moving average of $63.85 and a 200 day moving average of $60.83. Applied Industrial Technologies, Inc. has a 52 week low of $30.66 and a 52 week high of $77.44. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of 156.41 and a beta of 1.36. The company has a quick ratio of 1.86, a current ratio of 2.74 and a debt-to-equity ratio of 0.90.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Monday, November 2nd. The industrial products company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.25. Applied Industrial Technologies had a return on equity of 16.31% and a net margin of 0.64%. Equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 3.44 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 16th will be issued a $0.32 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.28 dividend on an annualized basis and a yield of 1.67%. Applied Industrial Technologies’s dividend payout ratio (DPR) is 33.60%.

A number of institutional investors and hedge funds have recently bought and sold shares of AIT. Vanguard Group Inc. raised its holdings in Applied Industrial Technologies by 4.2% in the second quarter. Vanguard Group Inc. now owns 4,308,711 shares of the industrial products company’s stock worth $268,820,000 after purchasing an additional 172,907 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Applied Industrial Technologies by 174.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 201,436 shares of the industrial products company’s stock worth $11,099,000 after purchasing an additional 127,934 shares in the last quarter. ProShare Advisors LLC bought a new position in Applied Industrial Technologies in the second quarter worth $7,541,000. Neuberger Berman Group LLC increased its holdings in shares of Applied Industrial Technologies by 13.5% during the second quarter. Neuberger Berman Group LLC now owns 750,952 shares of the industrial products company’s stock valued at $46,852,000 after acquiring an additional 89,277 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in shares of Applied Industrial Technologies during the third quarter valued at $4,764,000. Institutional investors and hedge funds own 79.04% of the company’s stock.

A number of analysts have recently weighed in on the company. KeyCorp increased their price objective on Applied Industrial Technologies from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, November 13th. Wells Fargo & Company increased their price objective on Applied Industrial Technologies from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Zacks Investment Research raised Applied Industrial Technologies from a “strong sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research note on Tuesday, October 13th. Sidoti raised Applied Industrial Technologies from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Tuesday, September 1st. Finally, Longbow Research reaffirmed a “buy” rating and issued a $78.00 price target on shares of Applied Industrial Technologies in a research note on Friday, August 14th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $76.50.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power & Flow Control.

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