Cynosure Group LLC Sells 406 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Cynosure Group LLC lessened its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 20.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,627 shares of the industrial products company’s stock after selling 406 shares during the quarter. Cynosure Group LLC’s holdings in Applied Industrial Technologies were worth $363,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in AIT. Westfield Capital Management Co. LP bought a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at $32,233,000. Sanctuary Advisors LLC bought a new position in Applied Industrial Technologies during the second quarter valued at about $1,279,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Applied Industrial Technologies in the third quarter worth about $3,591,000. Janney Montgomery Scott LLC boosted its stake in shares of Applied Industrial Technologies by 126.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 4,396 shares of the industrial products company’s stock worth $981,000 after acquiring an additional 2,451 shares in the last quarter. Finally, Dana Investment Advisors Inc. increased its holdings in shares of Applied Industrial Technologies by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock valued at $1,928,000 after acquiring an additional 65 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Down 2.3 %

Shares of AIT opened at $273.90 on Friday. The company has a 50-day simple moving average of $242.03 and a 200-day simple moving average of $213.24. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78. The firm has a market capitalization of $10.53 billion, a P/E ratio of 27.95, a P/E/G ratio of 3.82 and a beta of 1.03. Applied Industrial Technologies, Inc. has a 52 week low of $155.47 and a 52 week high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, topping the consensus estimate of $2.25 by $0.11. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. Applied Industrial Technologies’s quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the business earned $2.39 earnings per share. On average, equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.76 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 Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a $0.37 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.54%. Applied Industrial Technologies’s payout ratio is presently 15.10%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AIT shares. Raymond James boosted their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. KeyCorp boosted their price objective on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Oppenheimer raised their target price on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Bank of America raised shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $285.00 to $315.00 in a research report on Tuesday. Finally, Robert W. Baird raised their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $278.57.

About Applied Industrial Technologies

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.