Stonegate Investment Group LLC Buys 2,409 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Stonegate Investment Group LLC raised its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 160.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 3,909 shares of the industrial products company’s stock after acquiring an additional 2,409 shares during the quarter. Stonegate Investment Group LLC’s holdings in Applied Industrial Technologies were worth $936,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. State Street Corp raised its stake in shares of Applied Industrial Technologies by 2.4% in the 3rd quarter. State Street Corp now owns 1,441,051 shares of the industrial products company’s stock valued at $321,542,000 after buying an additional 34,113 shares in the last quarter. Geode Capital Management LLC raised its position in Applied Industrial Technologies by 4.1% in the third quarter. Geode Capital Management LLC now owns 1,040,389 shares of the industrial products company’s stock worth $232,181,000 after purchasing an additional 40,689 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Applied Industrial Technologies by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 569,317 shares of the industrial products company’s stock worth $127,032,000 after purchasing an additional 3,887 shares during the period. Zurich Insurance Group Ltd FI acquired a new stake in Applied Industrial Technologies during the third quarter valued at approximately $84,139,000. Finally, ArrowMark Colorado Holdings LLC grew its stake in shares of Applied Industrial Technologies by 9.3% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 277,335 shares of the industrial products company’s stock valued at $61,882,000 after purchasing an additional 23,710 shares during the period. Institutional investors and hedge funds own 93.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Mizuho began coverage on Applied Industrial Technologies in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 target price for the company. Robert W. Baird lifted their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. KeyCorp upped their target price on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Loop Capital lifted 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. Finally, Bank of America raised shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $285.00 to $315.00 in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $285.71.

Insider Buying and Selling

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

Applied Industrial Technologies Price Performance

AIT opened at $251.20 on Wednesday. The company has a fifty day moving average price of $257.71 and a two-hundred day moving average price of $232.80. 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 $9.66 billion, a PE ratio of 25.63, a P/E/G ratio of 3.59 and a beta of 1.08. Applied Industrial Technologies, Inc. has a 52 week low of $176.32 and a 52 week high of $282.98.

Applied Industrial Technologies Company Profile

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.