Millennium Management LLC Has $18.50 Million Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Millennium Management LLC cut its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 46.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,369 shares of the industrial products company’s stock after selling 81,686 shares during the period. Millennium Management LLC owned 0.25% of Applied Industrial Technologies worth $18,502,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Stifel Financial Corp grew its holdings in shares of Applied Industrial Technologies by 24.4% during the fourth quarter. Stifel Financial Corp now owns 34,551 shares of the industrial products company’s stock worth $5,967,000 after purchasing an additional 6,775 shares during the last quarter. Capital World Investors raised its stake in shares of Applied Industrial Technologies by 51.7% in the fourth quarter. Capital World Investors now owns 310,480 shares of the industrial products company’s stock worth $53,617,000 after acquiring an additional 105,824 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Applied Industrial Technologies by 221.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 9,556 shares of the industrial products company’s stock worth $1,650,000 after purchasing an additional 6,584 shares in the last quarter. Seven Eight Capital LP bought a new stake in shares of Applied Industrial Technologies during the fourth quarter valued at approximately $789,000. Finally, Fiduciary Management Inc. WI increased its holdings in shares of Applied Industrial Technologies by 3.2% in the fourth quarter. Fiduciary Management Inc. WI now owns 519,224 shares of the industrial products company’s stock valued at $89,665,000 after purchasing an additional 15,928 shares in the last quarter. 93.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Loop Capital increased their price objective on Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, August 16th. Northcoast Research initiated coverage on Applied Industrial Technologies in a report on Monday, July 1st. They issued a “neutral” rating on the stock. Raymond James started coverage on Applied Industrial Technologies in a report on Wednesday, September 4th. They set an “outperform” rating and a $225.00 price objective for the company. KeyCorp raised their target price on shares of Applied Industrial Technologies from $215.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Finally, StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $229.00.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $221.86 on Friday. The company has a current ratio of 3.53, a quick ratio of 2.56 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $8.56 billion, a P/E ratio of 23.26, a PEG ratio of 2.31 and a beta of 1.03. The business has a 50-day moving average of $207.09 and a 200-day moving average of $197.93. Applied Industrial Technologies, Inc. has a 1 year low of $149.59 and a 1 year high of $226.31.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, beating the consensus estimate of $2.52 by $0.12. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.19 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.35 earnings per share. On average, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.71 EPS for the current year.

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total transaction of $703,561.32. Following the transaction, the vice president now owns 19,315 shares in the company, valued at $4,037,221.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total transaction of $703,561.32. Following the sale, the vice president now directly owns 19,315 shares in the company, valued at $4,037,221.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,927 shares of company stock valued at $2,439,116. Company insiders own 2.20% of the company’s stock.

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.