Applied Industrial Technologies, Inc. $AIT Stock Position Lowered by Boston Trust Walden Corp

Key Points

• Boston Trust Walden cut its Applied Industrial Technologies stake by 25.8% in the third quarter, selling 110,424 shares; it retained 316,921 shares valued at about $105.3 million.
• AIT reported quarterly EPS of $2.97, topping the $2.89 consensus estimate, while revenue of $1.29 billion matched expectations and rose 7.6% year over year.
• Analysts’ average rating was Buy, with an average price target of $380; the company also declared a $0.51 quarterly dividend, equivalent to a 0.7% yield.

Boston Trust Walden Corp reduced its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 25.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 316,921 shares of the industrial products company's stock after selling 110,424 shares during the period. Applied Industrial Technologies accounts for about 0.8% of Boston Trust Walden Corp's holdings, making the stock its 21st biggest holding. Boston Trust Walden Corp owned 0.87% of Applied Industrial Technologies worth $105,310,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Hudock Inc. grew its stake in Applied Industrial Technologies by 5.1% during the 3rd quarter. Hudock Inc. now owns 657 shares of the industrial products company's stock worth $218,000 after buying an additional 32 shares during the last quarter. BOKF NA increased its position in Applied Industrial Technologies by 0.3% during the third quarter. BOKF NA now owns 12,545 shares of the industrial products company's stock worth $4,169,000 after buying an additional 37 shares during the period. Sanctuary Advisors LLC increased its position in Applied Industrial Technologies by 4.5% during the first quarter. Sanctuary Advisors LLC now owns 1,160 shares of the industrial products company's stock worth $308,000 after buying an additional 50 shares during the period. Childress Capital Advisors LLC lifted its stake in Applied Industrial Technologies by 2.9% in the third quarter. Childress Capital Advisors LLC now owns 1,999 shares of the industrial products company's stock valued at $664,000 after buying an additional 57 shares during the last quarter. Finally, Smith Group Asset Management LLC lifted its stake in Applied Industrial Technologies by 1.6% in the third quarter. Smith Group Asset Management LLC now owns 3,929 shares of the industrial products company's stock valued at $1,306,000 after buying an additional 63 shares during the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $297.91 on Thursday. The company has a quick ratio of 1.90, a current ratio of 2.89 and a debt-to-equity ratio of 0.15. Applied Industrial Technologies, Inc. has a 52-week low of $238.72 and a 52-week high of $374.80. The business's 50-day moving average price is $325.04 and its 200 day moving average price is $309.62. The firm has a market cap of $10.88 billion, a P/E ratio of 27.00, a P/E/G ratio of 2.43 and a beta of 0.87.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.08. The firm had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.29 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.38%. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.63 EPS. On average, equities research analysts expect that Applied Industrial Technologies, Inc. will post 12.06 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 13th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, November 13th. Applied Industrial Technologies's dividend payout ratio (DPR) is 18.05%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AIT. Weiss Ratings downgraded Applied Industrial Technologies from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, October 23rd. KeyCorp cut their target price on shares of Applied Industrial Technologies from $420.00 to $360.00 and set an "overweight" rating on the stock in a report on Wednesday, October 28th. Oppenheimer reaffirmed an "outperform" rating on shares of Applied Industrial Technologies in a report on Wednesday, October 28th. Wall Street Zen downgraded shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, October 31st. Finally, DA Davidson increased their price target on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $380.00.

Insider Buying and Selling

In other news, CFO David Wells sold 1,812 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total value of $643,441.20. Following the transaction, the chief financial officer owned 32,050 shares of the company's stock, valued at approximately $11,380,955. The trade was a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter Wallace sold 1,904 shares of the company's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the sale, the director owned 22,859 shares of the company's stock, valued at $7,782,346.55. This trade represents a 7.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.60% of the company's stock.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc NYSE: AIT is a distributor and value-added service provider of industrial motion, power transmission, fluid power, automation, and control products. Its offerings include bearings, mechanical power-transmission components, motors, gearboxes, hydraulic and pneumatic equipment, industrial hoses, process pumps, safety products, and related maintenance supplies.

The company also provides technical and engineering services designed to help customers improve equipment performance, reliability, and productivity.

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