Applied Industrial Technologies, Inc. (NYSE:AIT) Sees Significant Drop in Short Interest

Applied Industrial Technologies, Inc. (NYSE:AIT) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 541,900 shares, a decline of 5.6% from the October 15th total of 573,800 shares. Currently, 1.4% of the shares of the company are sold short. Based on an average daily trading volume, of 244,800 shares, the short-interest ratio is presently 2.2 days.

Applied Industrial Technologies Stock Performance

Shares of NYSE AIT opened at $266.73 on Monday. The company has a market capitalization of $10.26 billion, a PE ratio of 27.22, a price-to-earnings-growth ratio of 3.66 and a beta of 1.03. 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 company’s fifty day moving average price is $230.16 and its 200 day moving average price is $208.23. Applied Industrial Technologies has a 1 year low of $155.47 and a 1 year high of $276.97.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the company posted $2.39 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis. On average, research analysts predict that Applied Industrial Technologies will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 0.55%. The ex-dividend date is Friday, November 15th. Applied Industrial Technologies’s payout ratio is currently 15.10%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Bank of America raised their price objective on Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Mizuho assumed coverage on shares of Applied Industrial Technologies in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price target for the company. Raymond James upped their price objective on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, October 25th. StockNews.com raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Loop Capital upped their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $267.86.

Insider Transactions at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the completion of the transaction, the vice president now owns 19,315 shares in the company, valued at $3,922,876.50. This trade represents a 20.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. GHP Investment Advisors Inc. increased its holdings in Applied Industrial Technologies by 3.9% in the 3rd quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock worth $255,000 after acquiring an additional 43 shares in the last quarter. QRG Capital Management Inc. increased its stake in shares of Applied Industrial Technologies by 0.9% during the second quarter. QRG Capital Management Inc. now owns 6,462 shares of the industrial products company’s stock worth $1,254,000 after purchasing an additional 55 shares in the last quarter. Miller Howard Investments Inc. NY increased its stake in shares of Applied Industrial Technologies by 2.4% during the second quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock worth $446,000 after purchasing an additional 55 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Applied Industrial Technologies by 0.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock worth $3,374,000 after purchasing an additional 61 shares during the last quarter. Finally, Dana Investment Advisors Inc. lifted its stake in Applied Industrial Technologies by 0.7% in 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 buying an additional 65 shares in the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

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.