Wedge Capital Management L L P NC Sells 2,648 Shares of Applied Industrial Technologies, Inc. $AIT

Wedge Capital Management L L P NC lowered its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 11.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,918 shares of the industrial products company’s stock after selling 2,648 shares during the period. Wedge Capital Management L L P NC owned 0.05% of Applied Industrial Technologies worth $6,735,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Corient Private Wealth LLC raised its stake in shares of Applied Industrial Technologies by 22,451.0% during the 4th quarter. Corient Private Wealth LLC now owns 585,423 shares of the industrial products company’s stock valued at $150,319,000 after purchasing an additional 582,827 shares during the period. Norges Bank bought a new position in Applied Industrial Technologies in the 4th quarter worth about $125,044,000. M&T Bank Corp boosted its stake in Applied Industrial Technologies by 33,181.4% in the 4th quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company’s stock worth $81,322,000 after purchasing an additional 299,960 shares during the period. Adage Capital Partners GP L.L.C. grew its holdings in Applied Industrial Technologies by 4,933.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 264,575 shares of the industrial products company’s stock valued at $67,935,000 after buying an additional 259,319 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in Applied Industrial Technologies by 34.3% during the 1st quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock valued at $259,706,000 after buying an additional 249,961 shares in the last quarter. 93.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on AIT shares. Robert W. Baird set a $317.00 price target on shares of Applied Industrial Technologies in a report on Wednesday, April 29th. KeyCorp boosted their price objective on shares of Applied Industrial Technologies from $350.00 to $375.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. Wall Street Zen lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Finally, Oppenheimer raised their price target on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $336.71.

Applied Industrial Technologies Stock Up 0.2%

AIT opened at $353.04 on Thursday. The stock has a market cap of $13.05 billion, a PE ratio of 33.34, a P/E/G ratio of 3.04 and a beta of 0.84. The company has a quick ratio of 1.97, a current ratio of 2.95 and a debt-to-equity ratio of 0.19. Applied Industrial Technologies, Inc. has a 52 week low of $238.34 and a 52 week high of $363.59. The business’s fifty day simple moving average is $335.25 and its 200 day simple moving average is $302.37.

Applied Industrial Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be given a dividend of $0.51 per share. The ex-dividend date is Friday, August 14th. This represents a $2.04 annualized dividend and a dividend yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio is 19.26%.

Insider Buying and Selling at Applied Industrial Technologies

In related news, Director Madhuri A. Andrews sold 3,845 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the transaction, the director directly owned 4,951 shares of the company’s stock, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Profile

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.