Quarry LP Makes New $39,000 Investment in Applied Industrial Technologies, Inc. (NYSE:AIT)

Quarry LP purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 203 shares of the industrial products company’s stock, valued at approximately $39,000.

Other hedge funds also recently modified their holdings of the company. Quadrature Capital Ltd acquired a new stake in shares of Applied Industrial Technologies during the first quarter worth about $593,000. American International Group Inc. raised its position in shares of Applied Industrial Technologies by 232.6% during the first quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock worth $13,809,000 after purchasing an additional 48,883 shares during the period. Hennessy Advisors Inc. raised its position in shares of Applied Industrial Technologies by 18.3% during the first quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock worth $36,606,000 after purchasing an additional 28,700 shares during the period. Stifel Financial Corp raised its position 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 period. Finally, State of Michigan Retirement System acquired a new stake in shares of Applied Industrial Technologies during the first quarter worth about $1,877,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Wall Street Analyst Weigh In

AIT has been the topic of a number of research analyst reports. Northcoast Research initiated coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating on the stock. StockNews.com lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Loop Capital lifted their target price 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. Raymond James initiated coverage on Applied Industrial Technologies in a research report on Wednesday, September 4th. They issued an “outperform” rating and a $225.00 target price on the stock. Finally, KeyCorp lifted their target price on Applied Industrial Technologies from $215.00 to $245.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Two 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, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and an average price target of $229.00.

Insider Transactions at Applied Industrial Technologies

In other news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $202.24, for a total transaction 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 approximately $41,602,385.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, VP Kurt W. Loring sold 3,366 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now directly 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 through the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 205,708 shares of the company’s stock, valued at $41,602,385.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 11,927 shares of company stock worth $2,439,116. 2.20% of the stock is owned by company insiders.

Applied Industrial Technologies Stock Up 0.4 %

AIT stock opened at $221.86 on Friday. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34. The business has a 50 day moving average price of $207.09 and a two-hundred day moving average price of $197.93. The company has a market cap of $8.56 billion, a price-to-earnings ratio of 23.26, a P/E/G ratio of 2.31 and a beta of 1.03. Applied Industrial Technologies, Inc. has a twelve month low of $149.59 and a twelve month high of $226.31.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 23.55% and a net margin of 8.61%. The business’s revenue was up .2% compared to the same quarter last year. During the same period last year, the company earned $2.35 earnings per share. Analysts anticipate that Applied Industrial Technologies, Inc. will post 9.71 EPS for the current fiscal year.

Applied Industrial Technologies Company Profile

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.