Thoroughbred Financial Services LLC Takes $268,000 Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Thoroughbred Financial Services LLC bought a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,385 shares of the industrial products company’s stock, valued at approximately $268,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AIT. EntryPoint Capital LLC acquired a new stake in shares of Applied Industrial Technologies in the first quarter worth approximately $25,000. ICA Group Wealth Management LLC acquired a new position in shares of Applied Industrial Technologies in the 4th quarter valued at $26,000. Headlands Technologies LLC acquired a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Applied Industrial Technologies in the 2nd quarter worth $32,000. Finally, ZRC Wealth Management LLC acquired a new position in Applied Industrial Technologies in the first quarter valued at $42,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on AIT shares. Northcoast Research assumed coverage on Applied Industrial Technologies in a research note on Monday, July 1st. They set a “neutral” rating for the company. StockNews.com cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Loop Capital increased their price objective on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. KeyCorp lifted their target price on shares of Applied Industrial Technologies from $210.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, August 16th. Finally, Raymond James assumed coverage on Applied Industrial Technologies in a report on Wednesday, September 4th. They issued an “outperform” rating and a $225.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $223.00.

Applied Industrial Technologies Stock Up 2.2 %

Shares of NYSE AIT opened at $213.34 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.56 and a current ratio of 3.53. Applied Industrial Technologies, Inc. has a 1 year low of $149.59 and a 1 year high of $223.15. The stock’s 50-day simple moving average is $202.43 and its 200-day simple moving average is $194.81. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 22.36, a PEG ratio of 2.00 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.52 by $0.12. Applied Industrial Technologies had a return on equity of 23.55% and a net margin of 8.61%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the company posted $2.35 EPS. Applied Industrial Technologies’s quarterly revenue was up .2% on a year-over-year basis. As a group, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.86 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend was Thursday, August 15th. Applied Industrial Technologies’s payout ratio is currently 15.51%.

Insider Activity

In related news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the transaction, the chief executive officer now directly owns 205,708 shares in the company, valued at $41,602,385.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the transaction, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the sale, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,927 shares of company stock worth $2,439,116. 2.20% of the stock is currently owned by corporate insiders.

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.