Xponance Inc. lessened its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT – Free Report) by 8.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,275 shares of the industrial products company’s stock after selling 207 shares during the quarter. Xponance Inc.’s holdings in Applied Industrial Technologies were worth $329,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently bought and sold shares of AIT. Raymond James & Associates increased its position in Applied Industrial Technologies by 13.1% during the 1st quarter. Raymond James & Associates now owns 14,939 shares of the industrial products company’s stock worth $1,534,000 after purchasing an additional 1,726 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in Applied Industrial Technologies in the 1st quarter worth approximately $271,000. Citigroup Inc. boosted its holdings in Applied Industrial Technologies by 3.4% in the 1st quarter. Citigroup Inc. now owns 38,917 shares of the industrial products company’s stock worth $3,995,000 after acquiring an additional 1,262 shares during the period. Bank of Montreal Can boosted its holdings in Applied Industrial Technologies by 35.6% in the 1st quarter. Bank of Montreal Can now owns 16,704 shares of the industrial products company’s stock worth $1,702,000 after acquiring an additional 4,388 shares during the period. Finally, MetLife Investment Management LLC boosted its holdings in Applied Industrial Technologies by 53.9% in the 1st quarter. MetLife Investment Management LLC now owns 20,446 shares of the industrial products company’s stock worth $2,099,000 after acquiring an additional 7,164 shares during the period. Institutional investors and hedge funds own 92.49% of the company’s stock.
Insider Buying and Selling
In related news, CEO Neil A. Schrimsher sold 9,889 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $154.16, for a total transaction of $1,524,488.24. Following the transaction, the chief executive officer now directly owns 292,307 shares in the company, valued at $45,062,047.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Neil A. Schrimsher sold 9,889 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $154.16, for a total transaction of $1,524,488.24. Following the transaction, the chief executive officer now directly owns 292,307 shares in the company, valued at $45,062,047.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Neil A. Schrimsher sold 30,000 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $153.67, for a total value of $4,610,100.00. Following the transaction, the chief executive officer now owns 302,307 shares in the company, valued at $46,455,516.69. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.
Applied Industrial Technologies Stock Performance
Applied Industrial Technologies (NYSE:AIT – Get Free Report) last released its earnings results on Thursday, August 10th. The industrial products company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.17 by $0.18. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Applied Industrial Technologies had a return on equity of 25.62% and a net margin of 7.86%. The business’s revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.02 EPS. On average, analysts expect that Applied Industrial Technologies, Inc. will post 9.02 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on AIT shares. KeyCorp upped their price target on Applied Industrial Technologies from $162.00 to $182.00 and gave the stock an “overweight” rating in a report on Friday, August 11th. Robert W. Baird upped their price target on Applied Industrial Technologies from $161.00 to $185.00 and gave the stock an “outperform” rating in a report on Friday, August 11th. Loop Capital upped their price target on Applied Industrial Technologies from $170.00 to $174.00 and gave the stock a “buy” rating in a report on Monday, August 14th. Finally, StockNews.com assumed coverage on Applied Industrial Technologies in a research note on Thursday, August 17th. They set a “buy” rating for the company.
Check Out Our Latest Report on AIT
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.
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