Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd lowered its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 38.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,249 shares of the industrial products company’s stock after selling 765 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Applied Industrial Technologies were worth $181,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Applied Industrial Technologies by 0.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,387 shares of the industrial products company’s stock worth $2,065,000 after buying an additional 132 shares during the period. O Shaughnessy Asset Management LLC lifted its stake in shares of Applied Industrial Technologies by 72.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 21,891 shares of the industrial products company’s stock worth $2,759,000 after acquiring an additional 9,203 shares in the last quarter. Pearl River Capital LLC acquired a new position in shares of Applied Industrial Technologies in the first quarter worth about $350,000. M&T Bank Corp acquired a new position in shares of Applied Industrial Technologies in the first quarter worth about $210,000. Finally, B. Metzler seel. Sohn & Co. AG acquired a new position in shares of Applied Industrial Technologies in the first quarter worth about $2,149,000. Hedge funds and other institutional investors own 92.49% of the company’s stock.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $156.99 on Friday. The business’s fifty day moving average price is $149.59 and its 200 day moving average price is $140.13. Applied Industrial Technologies, Inc. has a 12-month low of $96.43 and a 12-month high of $162.67. The stock has a market capitalization of $6.08 billion, a PE ratio of 17.76 and a beta of 1.20. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.05 and a quick ratio of 2.12.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Thursday, August 10th. The industrial products company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.17 by $0.18. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Applied Industrial Technologies had a return on equity of 25.62% and a net margin of 7.86%. The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.02 EPS. Equities research analysts forecast that Applied Industrial Technologies, Inc. will post 9.02 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Tuesday, August 15th were issued a $0.35 dividend. The ex-dividend date of this dividend was Monday, August 14th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.89%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.84%.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 9,889 shares of the business’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $154.16, for a total transaction of $1,524,488.24. Following the completion of the transaction, the chief executive officer now directly owns 292,307 shares of the company’s stock, valued at approximately $45,062,047.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 30,000 shares of the business’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $153.67, for a total transaction of $4,610,100.00. Following the completion of the transaction, the chief executive officer now owns 302,307 shares in the company, valued at approximately $46,455,516.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Neil A. Schrimsher sold 9,889 shares of the business’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $154.16, for a total value of $1,524,488.24. Following the transaction, the chief executive officer now owns 292,307 shares of the company’s stock, valued at approximately $45,062,047.12. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Loop Capital lifted their price target on shares of Applied Industrial Technologies from $170.00 to $174.00 and gave the stock a “buy” rating in a research note on Monday, August 14th. Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $161.00 to $185.00 and gave the stock an “outperform” rating in a research note on Friday, August 11th. KeyCorp lifted their price target on Applied Industrial Technologies from $162.00 to $182.00 and gave the stock an “overweight” rating in a research note on Friday, August 11th. Finally, StockNews.com started coverage on Applied Industrial Technologies in a research note on Thursday, August 17th. They issued a “buy” rating for the company.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.