MML Investors Services LLC Decreases Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

MML Investors Services LLC decreased its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 37.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,762 shares of the industrial products company’s stock after selling 1,036 shares during the quarter. MML Investors Services LLC’s holdings in Applied Industrial Technologies were worth $393,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in AIT. Headlands Technologies LLC purchased a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $26,000. V Square Quantitative Management LLC purchased a new position in shares of Applied Industrial Technologies during the third quarter worth about $34,000. First Horizon Advisors Inc. boosted its position in shares of Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 88 shares during the period. UMB Bank n.a. grew its stake in Applied Industrial Technologies by 68.1% during the 3rd quarter. UMB Bank n.a. now owns 190 shares of the industrial products company’s stock worth $42,000 after buying an additional 77 shares during the last quarter. Finally, Quarry LP acquired a new position in Applied Industrial Technologies during the second quarter worth approximately $39,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Analyst Ratings Changes

AIT has been the topic of a number of recent research reports. Loop Capital lifted their target price on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. Mizuho began coverage on shares of Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price objective on the stock. Oppenheimer increased their target price on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Raymond James boosted their price target on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Finally, StockNews.com cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $285.71.

Insider Buying and Selling at Applied Industrial Technologies

In other news, Director Mary Dean Hall sold 2,200 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total value of $605,176.00. Following the sale, the director now directly owns 3,462 shares in the company, valued at $952,326.96. This represents a 38.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Warren E. Hoffner III sold 4,000 shares of Applied Industrial Technologies stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total value of $1,126,560.00. Following the transaction, the vice president now owns 55,709 shares of the company’s stock, valued at $15,689,882.76. This represents a 6.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.67% of the stock is owned by corporate insiders.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $241.10 on Tuesday. The firm’s fifty day simple moving average is $256.00 and its 200-day simple moving average is $221.77. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. The stock has a market cap of $9.27 billion, a PE ratio of 24.60, a price-to-earnings-growth ratio of 3.71 and a beta of 1.05. Applied Industrial Technologies, Inc. has a fifty-two week low of $163.50 and a fifty-two week high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, topping the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the business posted $2.39 earnings per share. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. Analysts expect that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.61%. Applied Industrial Technologies’s payout ratio is 15.10%.

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.