Cetera Investment Advisers Sells 4,161 Shares of Applied Industrial Technologies, Inc. $AIT

Key Points

• Cetera Investment Advisers cut its Applied Industrial Technologies stake by 38.2% in the first quarter, selling 4,161 shares and retaining 6,739 shares valued at approximately $1.8 million.
• Institutional investors and hedge funds own 93.52% of AIT. Several major funds increased their positions, including Norges Bank, Thrivent Financial, M&T Bank, PNC Financial Services, and Mutual of America Capital Management.
• AIT traded near its 52-week high at $358.43, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and a $336.71 average price target. The company also declared a quarterly dividend of $0.51 per share, representing a 0.6% yield.

Cetera Investment Advisers reduced its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 38.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,739 shares of the industrial products company's stock after selling 4,161 shares during the quarter. Cetera Investment Advisers' holdings in Applied Industrial Technologies were worth $1,788,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter worth $125,044,000. Thrivent Financial for Lutherans grew its holdings in Applied Industrial Technologies by 1,628.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company's stock worth $50,570,000 after acquiring an additional 185,553 shares during the period. M&T Bank Corp raised its position in shares of Applied Industrial Technologies by 33,181.4% in the 4th quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company's stock worth $81,322,000 after acquiring an additional 299,960 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Applied Industrial Technologies by 40.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company's stock valued at $5,539,000 after purchasing an additional 6,254 shares during the period. Finally, Mutual of America Capital Management LLC grew its stake in Applied Industrial Technologies by 38.1% during the fourth quarter. Mutual of America Capital Management LLC now owns 96,438 shares of the industrial products company's stock worth $24,762,000 after purchasing an additional 26,612 shares during the period. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Price Performance

AIT stock opened at $358.43 on Tuesday. The company has a market capitalization of $13.25 billion, a P/E ratio of 33.85, a price-to-earnings-growth ratio of 3.10 and a beta of 0.84. Applied Industrial Technologies, Inc. has a 52-week low of $238.34 and a 52-week high of $362.93. The business has a 50-day simple moving average of $333.54 and a two-hundred day simple moving average 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.

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Friday, August 14th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies's dividend payout ratio (DPR) is 19.26%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on AIT shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. Mizuho lifted their price target on shares of Applied Industrial Technologies from $330.00 to $355.00 and gave the company an "outperform" rating in a research note on Tuesday, July 21st. Oppenheimer upped their price objective on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the company an "outperform" rating in a report on Wednesday, April 29th. Wall Street Zen downgraded 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 Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an "overweight" rating in a research note on Monday, July 13th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, Applied Industrial Technologies has an average rating of "Moderate Buy" and a consensus target price of $336.71.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the transaction, the director directly owned 4,951 shares of the company's stock, valued at $1,633,285.39. The trade was a 43.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.

About Applied Industrial Technologies

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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