Applied Industrial Technologies Inc. (AIT) Stake Decreased by BlackRock Advisors LLC
BlackRock Advisors LLC reduced its position in Applied Industrial Technologies Inc. (NYSE:AIT) by 22.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 237,649 shares of the company’s stock after selling 67,583 shares during the period. BlackRock Advisors LLC owned 0.61% of Applied Industrial Technologies worth $10,727,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of AIT. Prudential Financial Inc. boosted its position in Applied Industrial Technologies by 9.0% in the first quarter. Prudential Financial Inc. now owns 155,738 shares of the company’s stock worth $6,759,000 after buying an additional 12,900 shares in the last quarter. BlackRock Inc. boosted its position in Applied Industrial Technologies by 116.4% in the first quarter. BlackRock Inc. now owns 2,798 shares of the company’s stock worth $121,000 after buying an additional 1,505 shares in the last quarter. BlackRock Group LTD boosted its position in Applied Industrial Technologies by 6.6% in the first quarter. BlackRock Group LTD now owns 48,625 shares of the company’s stock worth $2,110,000 after buying an additional 3,004 shares in the last quarter. BlackRock Fund Advisors boosted its position in Applied Industrial Technologies by 0.7% in the first quarter. BlackRock Fund Advisors now owns 2,527,258 shares of the company’s stock worth $109,683,000 after buying an additional 16,494 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in Applied Industrial Technologies by 1.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 979,493 shares of the company’s stock worth $42,510,000 after buying an additional 12,883 shares in the last quarter. Institutional investors own 89.35% of the company’s stock.
Shares of Applied Industrial Technologies Inc. (NYSE:AIT) opened at 46.56 on Friday. The stock’s 50 day moving average price is $46.86 and its 200-day moving average price is $45.63. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of 62.08 and a beta of 1.13. Applied Industrial Technologies Inc. has a 52 week low of $35.55 and a 52 week high of $48.61.
Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Friday, August 12th. The company reported $0.66 EPS for the quarter, meeting analysts’ consensus estimates of $0.66. Applied Industrial Technologies had a return on equity of 14.56% and a net margin of 1.17%. The firm had revenue of $63 million for the quarter, compared to analysts’ expectations of $643.13 million. During the same quarter in the prior year, the firm earned $0.70 EPS. The business’s revenue for the quarter was down 6.4% compared to the same quarter last year. Equities analysts predict that Applied Industrial Technologies Inc. will post $2.52 earnings per share for the current year.
A number of research firms have issued reports on AIT. Wells Fargo & Co. reiterated a “hold” rating on shares of Applied Industrial Technologies in a research report on Sunday, September 4th. Zacks Investment Research upgraded Applied Industrial Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, July 7th.
Applied Industrial Technologies Company Profile
Applied Industrial Technologies Inc is a distributor and supplier of industrial products. The Company’s industry products, including bearings, power transmission components, fluid power components and systems, industrial rubber products, linear motion components, tools, safety products, and other industrial and maintenance supplies.
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