Strs Ohio Cuts Stock Position in Applied Industrial Technologies, Inc. $AIT

Strs Ohio decreased its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 25.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,011 shares of the industrial products company’s stock after selling 9,727 shares during the quarter. Strs Ohio owned about 0.08% of Applied Industrial Technologies worth $7,573,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ritholtz Wealth Management raised its position in shares of Applied Industrial Technologies by 0.3% during the 2nd quarter. Ritholtz Wealth Management now owns 15,526 shares of the industrial products company’s stock valued at $3,609,000 after buying an additional 53 shares in the last quarter. Farther Finance Advisors LLC raised its position in Applied Industrial Technologies by 13.1% during the third quarter. Farther Finance Advisors LLC now owns 457 shares of the industrial products company’s stock valued at $119,000 after purchasing an additional 53 shares during the period. Harfst & Associates Inc. lifted its stake in shares of Applied Industrial Technologies by 0.6% in the 3rd quarter. Harfst & Associates Inc. now owns 10,167 shares of the industrial products company’s stock valued at $2,654,000 after purchasing an additional 56 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Applied Industrial Technologies by 4.5% in the 1st quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company’s stock worth $302,000 after purchasing an additional 58 shares during the period. Finally, Edmond DE Rothschild Holding S.A. boosted its holdings in shares of Applied Industrial Technologies by 18.1% in the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 418 shares of the industrial products company’s stock worth $97,000 after purchasing an additional 64 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $281.40 on Tuesday. The company has a quick ratio of 2.50, a current ratio of 3.55 and a debt-to-equity ratio of 0.30. The stock’s fifty day moving average is $263.42 and its two-hundred day moving average is $261.55. Applied Industrial Technologies, Inc. has a 52 week low of $199.96 and a 52 week high of $286.66. The company has a market capitalization of $10.61 billion, a PE ratio of 27.08, a price-to-earnings-growth ratio of 2.86 and a beta of 0.87.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Tuesday, October 28th. The industrial products company reported $2.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.16. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 21.86%. The business’s revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.36 earnings per share. As a group, analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on AIT shares. Weiss Ratings restated a “buy (b)” rating on shares of Applied Industrial Technologies in a research report on Monday, December 29th. Mizuho set a $305.00 target price on shares of Applied Industrial Technologies in a report on Wednesday, October 29th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $287.50.

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.