Applied Industrial Technologies, Inc. $AIT Shares Sold by Handelsbanken Fonder AB

Key Points

• Handelsbanken Fonder AB cut its Applied Industrial Technologies stake by 18.4% in the second quarter, selling 28,690 shares and retaining 127,233 shares valued at approximately $43.0 million. Institutional investors collectively own 93.52% of the company.
• Analyst sentiment remains positive, with seven Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $336.71. Mizuho and KeyCorp recently raised their targets, while DA Davidson initiated coverage with a Buy rating.
• AIT shares opened at $353.71, near their 52-week high of $363.59, and the company declared a quarterly dividend of $0.51 per share, equivalent to a 0.6% yield and a 19.26% payout ratio.

Handelsbanken Fonder AB decreased its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 18.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 127,233 shares of the industrial products company's stock after selling 28,690 shares during the quarter. Handelsbanken Fonder AB owned 0.34% of Applied Industrial Technologies worth $43,024,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of AIT. Torren Management LLC purchased a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at approximately $25,000. Anchor Investment Management LLC purchased a new position in shares of Applied Industrial Technologies during the 4th quarter valued at approximately $32,000. V Square Quantitative Management LLC purchased a new position in shares of Applied Industrial Technologies during the 4th quarter valued at approximately $34,000. Smartleaf Asset Management LLC grew its stake in Applied Industrial Technologies by 78.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company's stock valued at $46,000 after acquiring an additional 78 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in Applied Industrial Technologies in the 4th quarter valued at $46,000. Hedge funds and other institutional investors own 93.52% of the company's stock.

Analyst Ratings Changes

AIT has been the subject of several recent analyst reports. Mizuho boosted their price target on shares of Applied Industrial Technologies from $330.00 to $355.00 and gave the stock an "outperform" rating in a report on Tuesday, July 21st. DA Davidson initiated coverage on shares of Applied Industrial Technologies in a report on Tuesday, June 16th. They set a "buy" rating and a $380.00 price objective on the stock. Robert W. Baird set a $317.00 target price on shares of Applied Industrial Technologies in a research report on Wednesday, April 29th. Wall Street Zen cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, KeyCorp upped their price target on shares of Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an "overweight" rating in a research report on Monday, July 13th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $336.71.

Applied Industrial Technologies Stock Down 1.1%

Shares of AIT opened at $353.71 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.97 and a current ratio of 2.95. Applied Industrial Technologies, Inc. has a one year low of $238.34 and a one year high of $363.59. The stock has a market capitalization of $13.07 billion, a price-to-earnings ratio of 33.40, a PEG ratio of 3.08 and a beta of 0.84. The stock has a 50 day moving average price of $334.46 and a 200 day moving average price of $301.87.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies's payout ratio is 19.26%.

Insider Activity

In other news, Director Madhuri A. Andrews sold 3,845 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $329.89, for a total value of $1,268,427.05. Following the completion of the sale, the director directly owned 4,951 shares in the company, valued at $1,633,285.39. This represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is owned by insiders.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.

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