Bank of America Corp DE Decreases Position in Applied Industrial Technologies, Inc. $AIT

Key Points

• Bank of America reduced its Applied Industrial Technologies position by 27.5% in the first quarter, selling 94,880 shares and retaining 250,269 shares valued at approximately $66.4 million. Institutional investors collectively own 93.52% of AIT.
• Applied Industrial Technologies shares opened at $358.43, near their 52-week high of $362.93, while the company announced a quarterly dividend of $0.51 per share, representing a 0.6% yield.
• Analysts remain broadly positive, with seven Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $336.71.

Bank of America Corp DE decreased its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 27.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 250,269 shares of the industrial products company's stock after selling 94,880 shares during the period. Bank of America Corp DE owned about 0.68% of Applied Industrial Technologies worth $66,401,000 at the end of the most recent reporting period.

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

Insiders Place Their Bets

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the firm's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the sale, the director directly owned 4,951 shares of the company's stock, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.60% of the company's stock.

Applied Industrial Technologies Stock Down 0.4%

AIT stock opened at $358.43 on Tuesday. The company has a 50 day moving average price of $333.54 and a two-hundred day moving average price of $301.38. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.97 and a current ratio of 2.95. The stock has a market capitalization of $13.25 billion, a P/E ratio of 33.85, a PEG ratio of 3.10 and a beta of 0.84. Applied Industrial Technologies, Inc. has a one year low of $238.34 and a one year high of $362.93.

Applied Industrial Technologies Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have commented on AIT shares. Robert W. Baird set a $317.00 target price on Applied Industrial Technologies in a report on Wednesday, April 29th. Oppenheimer boosted their price target on Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an "outperform" rating in a report on Wednesday, April 29th. DA Davidson assumed coverage on Applied Industrial Technologies in a research report on Tuesday, June 16th. They issued a "buy" rating and a $380.00 price objective on the stock. Mizuho increased their price objective on Applied Industrial Technologies from $330.00 to $355.00 and gave the company an "outperform" rating in a research note on Tuesday, July 21st. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $336.71.

Applied Industrial Technologies 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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