ExodusPoint Capital Management LP Sells 3,072 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

ExodusPoint Capital Management LP cut its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 14.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,845 shares of the industrial products company’s stock after selling 3,072 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Applied Industrial Technologies were worth $2,536,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in AIT. Envestnet Asset Management Inc. boosted its holdings in Applied Industrial Technologies by 8.1% in the first quarter. Envestnet Asset Management Inc. now owns 24,114 shares of the industrial products company’s stock worth $3,427,000 after acquiring an additional 1,815 shares in the last quarter. Rhumbline Advisers boosted its holdings in Applied Industrial Technologies by 7.4% in the first quarter. Rhumbline Advisers now owns 121,664 shares of the industrial products company’s stock worth $17,292,000 after acquiring an additional 8,426 shares in the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in Applied Industrial Technologies by 28.4% in the first quarter. Harvest Fund Management Co. Ltd now owns 2,014 shares of the industrial products company’s stock worth $286,000 after acquiring an additional 445 shares in the last quarter. Prescott Group Capital Management L.L.C. boosted its holdings in Applied Industrial Technologies by 25.0% in the first quarter. Prescott Group Capital Management L.L.C. now owns 10,000 shares of the industrial products company’s stock worth $1,421,000 after acquiring an additional 2,000 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. AG bought a new stake in Applied Industrial Technologies in the first quarter worth $2,149,000. 92.49% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Trading Down 0.1 %

Shares of NYSE:AIT opened at $154.37 on Friday. The company has a market cap of $5.97 billion, a P/E ratio of 17.46 and a beta of 1.21. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.05 and a quick ratio of 2.12. Applied Industrial Technologies, Inc. has a 1 year low of $96.43 and a 1 year high of $156.74. The stock’s fifty day moving average price is $146.27 and its 200-day moving average price is $138.91.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, August 10th. The industrial products company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.17 by $0.18. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Applied Industrial Technologies had a return on equity of 25.62% and a net margin of 7.86%. Applied Industrial Technologies’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.02 earnings per share. Sell-side analysts expect that Applied Industrial Technologies, Inc. will post 9.01 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Tuesday, August 15th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date was Monday, August 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.84%.

Insider Activity at Applied Industrial Technologies

In related news, CEO Neil A. Schrimsher sold 30,000 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $153.67, for a total transaction of $4,610,100.00. Following the completion of the sale, the chief executive officer now owns 302,307 shares in the company, valued at $46,455,516.69. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 9,889 shares of the company’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $154.16, for a total value of $1,524,488.24. Following the completion of the sale, the chief executive officer now owns 292,307 shares in the company, valued at $45,062,047.12. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Neil A. Schrimsher sold 30,000 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $153.67, for a total value of $4,610,100.00. Following the sale, the chief executive officer now owns 302,307 shares of the company’s stock, valued at approximately $46,455,516.69. The disclosure for this sale can be found here. 2.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on AIT shares. StockNews.com started coverage on Applied Industrial Technologies in a report on Thursday, August 17th. They issued a “buy” rating on the stock. KeyCorp upped their price target on Applied Industrial Technologies from $162.00 to $182.00 and gave the company an “overweight” rating in a report on Friday, August 11th. Loop Capital upped their price target on Applied Industrial Technologies from $170.00 to $174.00 and gave the company a “buy” rating in a report on Monday, August 14th. Finally, Robert W. Baird upped their price target on Applied Industrial Technologies from $161.00 to $185.00 and gave the company an “outperform” rating in a report on Friday, August 11th.

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.