Applied Industrial Technologies, Inc. (NYSE:AIT) Position Reduced by Fruth Investment Management
Fruth Investment Management decreased its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 0.5% during the second quarter, Holdings Channel reports. The institutional investor owned 20,600 shares of the industrial products company’s stock after selling 100 shares during the period. Fruth Investment Management’s holdings in Applied Industrial Technologies were worth $1,216,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of AIT. Russell Investments Group Ltd. bought a new stake in Applied Industrial Technologies during the fourth quarter valued at approximately $1,889,000. FMR LLC boosted its position in Applied Industrial Technologies by 1.6% in the fourth quarter. FMR LLC now owns 443,653 shares of the industrial products company’s stock valued at $26,353,000 after buying an additional 7,006 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Applied Industrial Technologies by 6.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 2,677 shares of the industrial products company’s stock valued at $159,000 after buying an additional 161 shares during the last quarter. Norges Bank purchased a new position in Applied Industrial Technologies during the fourth quarter valued at $37,415,000. Finally, Teachers Advisors LLC boosted its position in Applied Industrial Technologies by 5.6% in the fourth quarter. Teachers Advisors LLC now owns 60,328 shares of the industrial products company’s stock valued at $3,583,000 after buying an additional 3,178 shares during the last quarter. 88.16% of the stock is owned by institutional investors.
Applied Industrial Technologies, Inc. (AIT) traded down 0.43% during trading on Wednesday, hitting $57.25. The company had a trading volume of 37,146 shares. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 21.02 and a beta of 0.96. Applied Industrial Technologies, Inc. has a 1-year low of $43.50 and a 1-year high of $69.00. The company’s 50 day moving average price is $59.95 and its 200-day moving average price is $61.28.
Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, April 27th. The industrial products company reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.12. Applied Industrial Technologies had a return on equity of 15.70% and a net margin of 4.20%. The company had revenue of $679.30 million during the quarter, compared to analysts’ expectations of $637.30 million. During the same quarter last year, the business posted $0.61 EPS. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, analysts expect that Applied Industrial Technologies, Inc. will post $2.83 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 15th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend is Friday, August 11th. Applied Industrial Technologies’s payout ratio is 42.65%.
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A number of brokerages recently commented on AIT. Wells Fargo & Company restated a “market perform” rating and issued a $63.00 price target (down previously from $67.00) on shares of Applied Industrial Technologies in a research report on Wednesday, July 12th. Zacks Investment Research cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, March 28th.
Applied Industrial Technologies Company Profile
Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.
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