Inspire Investing LLC Trims Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Inspire Investing LLC lessened its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 12.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,757 shares of the industrial products company’s stock after selling 384 shares during the period. Inspire Investing LLC’s holdings in Applied Industrial Technologies were worth $660,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. V Square Quantitative Management LLC purchased a new stake in Applied Industrial Technologies in the 3rd quarter valued at about $34,000. First Horizon Advisors Inc. raised its holdings in Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after buying an additional 88 shares during the period. Quarry LP purchased a new stake in Applied Industrial Technologies in the 2nd quarter valued at about $39,000. UMB Bank n.a. raised its holdings in Applied Industrial Technologies by 68.1% in the 3rd quarter. UMB Bank n.a. now owns 190 shares of the industrial products company’s stock valued at $42,000 after buying an additional 77 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in Applied Industrial Technologies by 42.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 435 shares of the industrial products company’s stock valued at $84,000 after buying an additional 130 shares during the period. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on AIT. Loop Capital boosted their price objective 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. Raymond James boosted their price target on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. KeyCorp boosted their price target on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Oppenheimer boosted their price target on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Finally, Bank of America upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $285.00 to $315.00 in a research note on Tuesday, November 26th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $285.71.

Insider Activity at Applied Industrial Technologies

In related news, Director Mary Dean Hall sold 2,200 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total value of $605,176.00. Following the completion of the transaction, the director now directly owns 3,462 shares of the company’s stock, valued at $952,326.96. This represents a 38.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Warren E. Hoffner III sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total value of $1,126,560.00. Following the completion of the transaction, the vice president now directly owns 55,709 shares of the company’s stock, valued at $15,689,882.76. This trade represents a 6.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.67% of the stock is currently owned by corporate insiders.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $260.36 on Friday. Applied Industrial Technologies, Inc. has a one year low of $173.73 and a one year high of $282.98. The company has a market cap of $10.01 billion, a PE ratio of 26.57, a P/E/G ratio of 3.59 and a beta of 1.08. 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 business has a 50-day simple moving average of $258.34 and a 200-day simple moving average of $231.32.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the company posted $2.39 earnings per share. The business’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities research analysts forecast that Applied Industrial Technologies, Inc. will post 9.77 EPS for the current fiscal year.

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.