Applied Industrial Technologies (AIT) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. increased its holdings in shares of Applied Industrial Technologies (NYSE:AIT) by 1.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,879,484 shares of the industrial products company’s stock after purchasing an additional 46,906 shares during the quarter. Vanguard Group Inc. owned 10.01% of Applied Industrial Technologies worth $303,570,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Legal & General Group Plc increased its stake in shares of Applied Industrial Technologies by 10.3% during the 2nd quarter. Legal & General Group Plc now owns 91,775 shares of the industrial products company’s stock worth $6,433,000 after purchasing an additional 8,603 shares during the last quarter. FMR LLC increased its stake in shares of Applied Industrial Technologies by 50.0% during the 2nd quarter. FMR LLC now owns 909,261 shares of the industrial products company’s stock worth $63,784,000 after purchasing an additional 302,972 shares during the last quarter. OppenheimerFunds Inc. increased its stake in shares of Applied Industrial Technologies by 11.9% during the 2nd quarter. OppenheimerFunds Inc. now owns 25,294 shares of the industrial products company’s stock worth $1,774,000 after purchasing an additional 2,688 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter worth $288,000. Finally, Bank of America Corp DE increased its stake in shares of Applied Industrial Technologies by 7.0% during the 2nd quarter. Bank of America Corp DE now owns 182,550 shares of the industrial products company’s stock worth $12,805,000 after purchasing an additional 11,969 shares during the last quarter. 87.95% of the stock is currently owned by hedge funds and other institutional investors.

NYSE AIT opened at $57.96 on Monday. The company has a quick ratio of 1.67, a current ratio of 2.76 and a debt-to-equity ratio of 1.09. The firm has a market cap of $2.18 billion, a P/E ratio of 15.50, a PEG ratio of 0.98 and a beta of 1.24. Applied Industrial Technologies has a 1 year low of $50.56 and a 1 year high of $82.35.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Wednesday, October 31st. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.12. The business had revenue of $864.50 million during the quarter, compared to the consensus estimate of $874.74 million. Applied Industrial Technologies had a net margin of 4.82% and a return on equity of 19.66%. Applied Industrial Technologies’s quarterly revenue was up 27.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.86 EPS. On average, equities research analysts expect that Applied Industrial Technologies will post 4.77 earnings per share for the current year.

Several research analysts have recently commented on AIT shares. Zacks Investment Research lowered shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. ValuEngine downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Friday, October 12th. Finally, Wells Fargo & Co decreased their price objective on shares of Applied Industrial Technologies from $80.00 to $75.00 and set a “market perform” rating for the company in a report on Thursday, November 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Applied Industrial Technologies presently has a consensus rating of “Hold” and an average target price of $71.50.

In related news, Director Green Edith Kelly sold 7,090 shares of the company’s stock in a transaction on Wednesday, November 14th. The shares were sold at an average price of $65.51, for a total transaction of $464,465.90. Following the completion of the sale, the director now directly owns 19,240 shares of the company’s stock, valued at approximately $1,260,412.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.10% of the stock is currently owned by corporate insiders.

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Applied Industrial Technologies Profile

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.

Further Reading: Net Asset Value

Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

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