New York Life Investment Management LLC Sells 399 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

New York Life Investment Management LLC cut its position in Applied Industrial Technologies, Inc. (NYSE:AITFree Report) by 13.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,501 shares of the industrial products company’s stock after selling 399 shares during the quarter. New York Life Investment Management LLC’s holdings in Applied Industrial Technologies were worth $387,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in AIT. Raymond James & Associates raised its position in shares of Applied Industrial Technologies by 13.1% in the 1st quarter. Raymond James & Associates now owns 14,939 shares of the industrial products company’s stock valued at $1,534,000 after buying an additional 1,726 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Applied Industrial Technologies in the 1st quarter valued at approximately $271,000. Citigroup Inc. raised its position in shares of Applied Industrial Technologies by 3.4% in the 1st quarter. Citigroup Inc. now owns 38,917 shares of the industrial products company’s stock valued at $3,995,000 after buying an additional 1,262 shares in the last quarter. Bank of Montreal Can increased its position in Applied Industrial Technologies by 35.6% during the 1st quarter. Bank of Montreal Can now owns 16,704 shares of the industrial products company’s stock worth $1,702,000 after purchasing an additional 4,388 shares in the last quarter. Finally, MetLife Investment Management LLC increased its position in Applied Industrial Technologies by 53.9% during the 1st quarter. MetLife Investment Management LLC now owns 20,446 shares of the industrial products company’s stock worth $2,099,000 after purchasing an additional 7,164 shares in the last quarter. 92.49% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Price Performance

AIT stock opened at $187.93 on Friday. Applied Industrial Technologies, Inc. has a 1 year low of $122.24 and a 1 year high of $188.49. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.74 and a quick ratio of 2.59. The stock has a market cap of $7.27 billion, a price-to-earnings ratio of 19.72 and a beta of 1.07. The company has a 50 day simple moving average of $172.85 and a 200 day simple moving average of $161.15.

Applied Industrial Technologies (NYSE:AITGet Free Report) last posted its earnings results on Thursday, January 25th. The industrial products company reported $2.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.11 by $0.13. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the firm posted $2.05 EPS. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. Research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.59 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 29th. Shareholders of record on Thursday, February 15th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 0.79%. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.35. The ex-dividend date is Wednesday, February 14th. Applied Industrial Technologies’s payout ratio is presently 15.53%.

Insiders Place Their Bets

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total transaction of $364,680.00. Following the sale, the vice president now directly owns 57,155 shares of the company’s stock, valued at approximately $10,421,642.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Kurt W. Loring sold 5,470 shares of the company’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $164.50, for a total value of $899,815.00. Following the sale, the vice president now directly owns 21,269 shares of the company’s stock, valued at approximately $3,498,750.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Warren E. Hoffner III sold 2,000 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total transaction of $364,680.00. Following the completion of the sale, the vice president now directly owns 57,155 shares in the company, valued at $10,421,642.70. The disclosure for this sale can be found here. Insiders have sold 10,584 shares of company stock valued at $1,772,312 in the last ninety days. 2.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

Separately, KeyCorp upped their price objective on shares of Applied Industrial Technologies from $182.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, January 26th.

Check Out Our Latest Stock Report on Applied Industrial Technologies

Applied Industrial Technologies Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

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