Assenagon Asset Management S.A. Sells 70,809 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Assenagon Asset Management S.A. reduced its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 86.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,670 shares of the industrial products company’s stock after selling 70,809 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Applied Industrial Technologies were worth $2,555,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Barclays PLC raised its position in Applied Industrial Technologies by 156.6% in the 3rd quarter. Barclays PLC now owns 74,109 shares of the industrial products company’s stock worth $16,537,000 after purchasing an additional 45,224 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at $32,233,000. Sanctuary Advisors LLC acquired a new stake in shares of Applied Industrial Technologies in the 2nd quarter valued at $1,279,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Applied Industrial Technologies during the third quarter worth $3,591,000. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Applied Industrial Technologies by 126.0% during the third quarter. Janney Montgomery Scott LLC now owns 4,396 shares of the industrial products company’s stock valued at $981,000 after acquiring an additional 2,451 shares during the period. Institutional investors own 93.52% of the company’s stock.

Analysts Set New Price Targets

AIT has been the subject of a number of research reports. StockNews.com lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday. Oppenheimer lifted their price target on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Raymond James increased their price objective on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Loop Capital lifted their target price on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, Bank of America upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and upped their target price for the company from $285.00 to $315.00 in a research report on Tuesday, November 26th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Applied Industrial Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $285.71.

Insiders Place Their Bets

In other news, Director Mary Dean Hall sold 2,200 shares of Applied Industrial Technologies stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total transaction of $605,176.00. Following the transaction, the director now owns 3,462 shares in the company, valued at $952,326.96. The trade was a 38.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Warren E. Hoffner III sold 4,000 shares of the 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 sale, the vice president now directly owns 55,709 shares of the company’s stock, valued at approximately $15,689,882.76. The trade was a 6.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.67% of the company’s stock.

Applied Industrial Technologies Stock Down 0.6 %

Shares of NYSE:AIT opened at $261.64 on Thursday. The company has a 50 day moving average price of $258.86 and a two-hundred day moving average price of $230.39. The company has a market capitalization of $10.06 billion, a PE ratio of 26.70, a PEG ratio of 3.53 and a beta of 1.08. Applied Industrial Technologies, Inc. has a 52 week low of $173.73 and a 52 week high of $282.98. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, beating analysts’ consensus estimates of $2.25 by $0.11. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.39 EPS. Analysts forecast that Applied Industrial Technologies, Inc. will post 9.77 earnings per share for the current year.

Applied Industrial Technologies 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.