State Street Corp boosted its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 11.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,003,427 shares of the industrial products company’s stock after buying an additional 101,228 shares during the period. State Street Corp owned approximately 2.57% of Applied Industrial Technologies worth $59,253,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Gotham Asset Management LLC increased its position in Applied Industrial Technologies by 1.7% during the 2nd quarter. Gotham Asset Management LLC now owns 10,849 shares of the industrial products company’s stock valued at $641,000 after buying an additional 183 shares in the last quarter. Shelton Capital Management bought a new position in Applied Industrial Technologies during the 2nd quarter valued at approximately $229,000. Macquarie Group Ltd. increased its position in Applied Industrial Technologies by 8.3% during the 2nd quarter. Macquarie Group Ltd. now owns 558,691 shares of the industrial products company’s stock valued at $32,991,000 after buying an additional 42,769 shares in the last quarter. Flinton Capital Management LLC increased its position in Applied Industrial Technologies by 46.5% during the 2nd quarter. Flinton Capital Management LLC now owns 4,284 shares of the industrial products company’s stock valued at $253,000 after buying an additional 1,360 shares in the last quarter. Finally, QS Investors LLC increased its position in Applied Industrial Technologies by 27.0% during the 2nd quarter. QS Investors LLC now owns 3,917 shares of the industrial products company’s stock valued at $231,000 after buying an additional 833 shares in the last quarter. 87.15% of the stock is owned by institutional investors.
AIT has been the subject of a number of analyst reports. Zacks Investment Research lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. ValuEngine raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. Wells Fargo & Company reaffirmed a “market perform” rating and set a $63.00 price objective (down previously from $67.00) on shares of Applied Industrial Technologies in a research report on Wednesday, July 12th. Finally, Northcoast Research initiated coverage on Applied Industrial Technologies in a research report on Tuesday, July 25th. They set a “neutral” rating for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $66.00.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Wednesday, November 15th will be issued a dividend of $0.29 per share. The ex-dividend date is Tuesday, November 14th. This represents a $1.16 annualized dividend and a dividend yield of 1.82%. Applied Industrial Technologies’s dividend payout ratio is presently 32.58%.
In other news, VP Mark O. Eisele sold 4,939 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $55.91, for a total transaction of $276,139.49. Following the completion of the sale, the vice president now owns 106,090 shares in the company, valued at approximately $5,931,491.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Mark O. Eisele sold 6,000 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $56.92, for a total value of $341,520.00. Following the sale, the vice president now owns 159,029 shares of the company’s stock, valued at approximately $9,051,930.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 73,571 shares of company stock valued at $4,070,841. Company insiders own 3.70% of the company’s stock.
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About Applied Industrial Technologies
Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.
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