Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Freedom Investment Management Inc.

Freedom Investment Management Inc. trimmed its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 9.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,501 shares of the industrial products company’s stock after selling 266 shares during the quarter. Freedom Investment Management Inc.’s holdings in Applied Industrial Technologies were worth $558,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Townsquare Capital LLC purchased a new stake in Applied Industrial Technologies during the 3rd quarter worth about $226,000. Thematics Asset Management grew its holdings in shares of Applied Industrial Technologies by 6.8% during the third quarter. Thematics Asset Management now owns 54,835 shares of the industrial products company’s stock worth $12,235,000 after buying an additional 3,500 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in shares of Applied Industrial Technologies in the third quarter valued at approximately $32,233,000. Citigroup Inc. lifted its stake in shares of Applied Industrial Technologies by 123.0% during the third quarter. Citigroup Inc. now owns 40,048 shares of the industrial products company’s stock valued at $8,936,000 after buying an additional 22,089 shares during the period. Finally, Raymond James Trust N.A. acquired a new stake in Applied Industrial Technologies during the third quarter worth approximately $279,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Trading Up 0.6 %

NYSE AIT opened at $275.58 on Friday. The firm has a market capitalization of $10.60 billion, a price-to-earnings ratio of 28.12, a PEG ratio of 3.76 and a beta of 1.03. 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, Inc. has a one year low of $156.50 and a one year high of $282.98. The company’s 50 day moving average price is $243.16 and its 200 day moving average price is $213.80.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the business posted $2.39 EPS. The business’s quarterly revenue was up .3% on a year-over-year basis. On average, sell-side analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.48 annualized dividend and a dividend yield of 0.54%. Applied Industrial Technologies’s payout ratio is currently 15.10%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AIT. StockNews.com raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Oppenheimer raised their price target on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Loop Capital upped their price objective on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Mizuho assumed coverage on shares of Applied Industrial Technologies in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 target price on the stock. Finally, Bank of America raised shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and upped their price target for the stock from $285.00 to $315.00 in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $278.57.

Applied Industrial Technologies Company 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.