Applied Industrial Technologies, Inc. $AIT Stock Holdings Lessened by Kestra Investment Management LLC

Kestra Investment Management LLC trimmed its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 41.7% in the third quarter, according to its most recent filing with the SEC. The firm owned 3,241 shares of the industrial products company’s stock after selling 2,319 shares during the period. Kestra Investment Management LLC’s holdings in Applied Industrial Technologies were worth $1,077,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in AIT. AlphaCore Capital LLC raised its position in Applied Industrial Technologies by 12.4% in the third quarter. AlphaCore Capital LLC now owns 1,777 shares of the industrial products company’s stock worth $590,000 after purchasing an additional 196 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Applied Industrial Technologies by 14.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 241,561 shares of the industrial products company’s stock valued at $81,983,000 after purchasing an additional 29,726 shares in the last quarter. Ethic Inc. boosted its holdings in Applied Industrial Technologies by 3.2% during the third quarter. Ethic Inc. now owns 6,523 shares of the industrial products company’s stock valued at $2,168,000 after purchasing an additional 205 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in Applied Industrial Technologies by 3.7% during the third quarter. Pictet Asset Management Holding SA now owns 5,911 shares of the industrial products company’s stock valued at $1,964,000 after purchasing an additional 212 shares in the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of Applied Industrial Technologies by 16.4% in the 3rd quarter. Parallel Advisors LLC now owns 554 shares of the industrial products company’s stock valued at $184,000 after purchasing an additional 78 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Trading Up 0.5%

Shares of AIT stock opened at $298.80 on Wednesday. Applied Industrial Technologies, Inc. has a 12-month low of $238.72 and a 12-month high of $374.80. The company has a market capitalization of $10.91 billion, a P/E ratio of 26.44, a P/E/G ratio of 2.37 and a beta of 0.87. The firm has a 50-day moving average price of $321.75 and a 200 day moving average price of $309.80. The company has a quick ratio of 1.90, a current ratio of 2.89 and a debt-to-equity ratio of 0.15.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $0.08. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a net margin of 8.38% and a return on equity of 22.68%. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.63 earnings per share. Research analysts forecast that Applied Industrial Technologies, Inc. will post 12.06 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 13th will be paid a $0.51 dividend. The ex-dividend date is Friday, November 13th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.7%. Applied Industrial Technologies’s payout ratio is 18.05%.

Analyst Ratings Changes

AIT has been the subject of a number of recent research reports. Bank of America increased their target price on Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Wall Street Zen lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. Robert W. Baird lowered their price target on Applied Industrial Technologies from $400.00 to $350.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 28th. Mizuho lowered their price target on Applied Industrial Technologies from $400.00 to $390.00 and set an “outperform” rating on the stock in a research report on Thursday, October 15th. Finally, DA Davidson increased their price objective on Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $380.00.

Insider Buying and Selling

In related news, CFO David K. Wells sold 1,812 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total transaction of $643,441.20. Following the sale, the chief financial officer directly owned 32,050 shares in the company, valued at $11,380,955. This represents a 5.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter C. Wallace sold 1,904 shares of the firm’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total value of $648,216.80. Following the sale, the director directly owned 22,859 shares of the company’s stock, valued at $7,782,346.55. This represents a 7.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.60% of the company’s stock.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc. distributes industrial products and provides engineering and related services to manufacturers and other industrial customers. Its offerings include bearings, power-transmission components, fluid-power products, automation equipment and general maintenance, repair and operations supplies. The company also provides technical support, engineering, systems integration, repair and inventory-management services. These capabilities help customers maintain equipment, improve production processes and manage the supply of industrial components.