2,874 Applied Industrial Technologies, Inc. $AIT Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. decreased its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 61.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,834 shares of the industrial products company’s stock after selling 2,874 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Applied Industrial Technologies were worth $609,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Alpine Bank Wealth Management purchased a new position in shares of Applied Industrial Technologies during the third quarter worth approximately $25,000. Global Retirement Partners LLC purchased a new stake in shares of Applied Industrial Technologies in the second quarter valued at approximately $37,000. Kilter Group LLC purchased a new stake in shares of Applied Industrial Technologies in the second quarter valued at approximately $40,000. Silvant Capital Management LLC purchased a new stake in shares of Applied Industrial Technologies in the second quarter valued at approximately $54,000. Finally, Harbor Investment Advisory LLC bought a new position in Applied Industrial Technologies in the second quarter worth approximately $96,000. 93.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Applied Industrial Technologies

In other news, Director Peter C. Wallace sold 1,904 shares of the business’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the transaction, the director directly owned 22,859 shares of the company’s stock, valued at approximately $7,782,346.55. The trade was a 7.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO David K. Wells sold 1,812 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the transaction, the chief financial officer directly owned 32,050 shares of the company’s stock, valued at approximately $11,380,955. The trade was a 5.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have commented on AIT. DA Davidson raised their price objective on Applied Industrial Technologies from $380.00 to $400.00 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 report on Saturday, October 31st. Bank of America upped 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. KeyCorp cut their price target on Applied Industrial Technologies from $420.00 to $360.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 28th. Finally, Oppenheimer restated an “outperform” rating on shares of Applied Industrial Technologies in a research note on Wednesday, October 28th. Seven analysts have rated the stock with a Buy rating. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $380.00.

Applied Industrial Technologies Price Performance

Shares of AIT opened at $297.91 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.90 and a current ratio of 2.89. The company has a 50 day moving average price of $325.04 and a 200-day moving average price of $309.62. Applied Industrial Technologies, Inc. has a fifty-two week low of $238.72 and a fifty-two week high of $374.80. The stock has a market capitalization of $10.88 billion, a PE ratio of 26.36, a PEG ratio of 2.43 and a beta of 0.87.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.08. The company 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%. Applied Industrial Technologies’s revenue was up 7.6% compared to the same quarter last year. During the same period last year, the company posted $2.63 earnings per share. Equities analysts predict that Applied Industrial Technologies, Inc. will post 12.06 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 13th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Friday, November 13th. Applied Industrial Technologies’s dividend payout ratio (DPR) is 18.05%.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc (NYSE: AIT) is a distributor and value-added service provider of industrial motion, power transmission, fluid power, automation, and control products. Its offerings include bearings, mechanical power-transmission components, motors, gearboxes, hydraulic and pneumatic equipment, industrial hoses, process pumps, safety products, and related maintenance supplies.

The company also provides technical and engineering services designed to help customers improve equipment performance, reliability, and productivity.