Fruth Investment Management Trims Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Fruth Investment Management decreased its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 0.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 21,590 shares of the industrial products company’s stock after selling 50 shares during the quarter. Applied Industrial Technologies comprises 1.2% of Fruth Investment Management’s holdings, making the stock its 18th biggest position. Fruth Investment Management’s holdings in Applied Industrial Technologies were worth $4,817,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. EntryPoint Capital LLC purchased a new position in shares of Applied Industrial Technologies during the first quarter valued at approximately $25,000. Headlands Technologies LLC purchased a new position in Applied Industrial Technologies during the second quarter worth approximately $26,000. Opal Wealth Advisors LLC purchased a new position in Applied Industrial Technologies during the second quarter worth approximately $32,000. Quarry LP purchased a new position in Applied Industrial Technologies during the second quarter worth approximately $39,000. Finally, ZRC Wealth Management LLC purchased a new position in Applied Industrial Technologies during the first quarter worth approximately $42,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Price Performance

AIT opened at $227.81 on Tuesday. The company has a fifty day simple moving average of $208.85 and a 200 day simple moving average of $199.02. The firm has a market cap of $8.79 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 3.12 and a beta of 1.03. Applied Industrial Technologies, Inc. has a twelve month low of $149.59 and a twelve month high of $228.20. The company has a current ratio of 3.53, a quick ratio of 2.56 and a debt-to-equity ratio of 0.34.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.52 by $0.12. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.19 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The business’s revenue was up .2% on a year-over-year basis. During the same period last year, the business earned $2.35 EPS. Equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.69 EPS for the current fiscal year.

Insider Activity at Applied Industrial Technologies

In related news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction of $748,894.72. Following the completion of the sale, the chief executive officer now directly owns 205,708 shares of the company’s stock, valued at approximately $41,602,385.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $202.24, for a total transaction 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 $41,602,385.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the transaction, the vice president now directly owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 11,927 shares of company stock valued at $2,439,116. Corporate insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Northcoast Research assumed coverage on shares of Applied Industrial Technologies in a research note on Monday, July 1st. They set a “neutral” rating on the stock. Raymond James assumed coverage on shares of Applied Industrial Technologies in a research note on Wednesday, September 4th. They set an “outperform” rating and a $225.00 price target on the stock. KeyCorp increased their price target on shares of Applied Industrial Technologies from $215.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Finally, Bank of America started coverage on shares of Applied Industrial Technologies in a research note on Monday, October 7th. They set a “neutral” rating and a $232.00 price target on the stock. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $229.50.

About Applied Industrial Technologies

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.