Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. reduced its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 36.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,661 shares of the industrial products company’s stock after selling 2,681 shares during the period. Edgestream Partners L.P.’s holdings in Applied Industrial Technologies were worth $904,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Oppenheimer Asset Management Inc. acquired a new position in shares of Applied Industrial Technologies in the second quarter worth about $242,000. Thoroughbred Financial Services LLC acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at approximately $268,000. DekaBank Deutsche Girozentrale boosted its stake in shares of Applied Industrial Technologies by 198.0% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 18,866 shares of the industrial products company’s stock valued at $3,599,000 after buying an additional 12,535 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth approximately $26,000. Finally, Van Hulzen Asset Management LLC increased its stake in shares of Applied Industrial Technologies by 6.2% in the second quarter. Van Hulzen Asset Management LLC now owns 14,121 shares of the industrial products company’s stock worth $2,740,000 after buying an additional 830 shares during the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Neil A. Schrimsher sold 3,703 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $41,602,385.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Neil A. Schrimsher sold 3,703 shares of the company’s 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 sale, the chief executive officer now owns 205,708 shares of the company’s stock, valued at $41,602,385.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction dated Friday, August 30th. The shares were 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 owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,927 shares of company stock valued at $2,439,116. Insiders own 2.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on AIT shares. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $210.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, August 16th. Loop Capital upped their price objective on Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Northcoast Research started coverage on Applied Industrial Technologies in a report on Monday, July 1st. They set a “neutral” rating on the stock. Raymond James initiated 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. Finally, Robert W. Baird raised their price objective on Applied Industrial Technologies from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $223.00.

Applied Industrial Technologies Trading Down 2.4 %

Shares of NYSE AIT opened at $218.77 on Friday. The company has a market cap of $8.45 billion, a price-to-earnings ratio of 22.93, a price-to-earnings-growth ratio of 2.00 and a beta of 1.03. Applied Industrial Technologies, Inc. has a 12-month low of $149.59 and a 12-month high of $224.36. 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 stock’s 50 day simple moving average is $204.17 and its 200 day simple moving average is $195.47.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the company earned $2.35 earnings per share. The firm’s revenue for the quarter was up .2% on a year-over-year basis. Equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.86 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Thursday, August 15th were paid a $0.37 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.68%. Applied Industrial Technologies’s payout ratio is currently 15.51%.

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.