Applied Industrial Technologies (NYSE:AIT) Short Interest Update

Applied Industrial Technologies (NYSE:AIT) was the target of a large growth in short interest in the month of November. As of November 29th, there was short interest totalling 516,200 shares, a growth of 73.4% from the November 14th total of 297,700 shares. Approximately 1.4% of the company’s shares are short sold. Based on an average daily trading volume, of 215,500 shares, the days-to-cover ratio is presently 2.4 days.

AIT has been the topic of several recent analyst reports. Sidoti lifted their target price on Applied Industrial Technologies from $61.00 to $71.00 and gave the stock a “neutral” rating in a report on Monday. Wells Fargo & Co set a $60.00 price target on Applied Industrial Technologies and gave the stock a “hold” rating in a report on Monday, September 23rd. ValuEngine upgraded Applied Industrial Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. KeyCorp reaffirmed an “overweight” rating and set a $75.00 price target (up previously from $70.00) on shares of Applied Industrial Technologies in a research report on Wednesday. Finally, Zacks Investment Research cut Applied Industrial Technologies from a “hold” rating to a “sell” rating and set a $65.00 price objective on the stock. in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Applied Industrial Technologies presently has an average rating of “Hold” and a consensus target price of $68.20.

Shares of Applied Industrial Technologies stock traded up $1.07 on Wednesday, hitting $64.87. The company had a trading volume of 219,504 shares, compared to its average volume of 202,456. The firm has a market capitalization of $2.52 billion, a P/E ratio of 14.71 and a beta of 1.37. Applied Industrial Technologies has a twelve month low of $49.45 and a twelve month high of $65.81. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.39 and a quick ratio of 1.42. The stock has a 50-day moving average of $62.28 and a 200-day moving average of $57.83.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.01. Applied Industrial Technologies had a net margin of 3.86% and a return on equity of 18.22%. The company had revenue of $856.40 million during the quarter, compared to the consensus estimate of $850.45 million. During the same quarter in the prior year, the firm earned $1.14 earnings per share. The firm’s revenue was down .9% compared to the same quarter last year. Equities analysts predict that Applied Industrial Technologies will post 4.36 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend was Thursday, November 14th. Applied Industrial Technologies’s payout ratio is presently 28.12%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio boosted its position in shares of Applied Industrial Technologies by 5.2% during the third quarter. Public Employees Retirement System of Ohio now owns 3,279 shares of the industrial products company’s stock worth $186,000 after buying an additional 162 shares during the period. Mason Street Advisors LLC raised its position in Applied Industrial Technologies by 1.7% in the 3rd quarter. Mason Street Advisors LLC now owns 13,106 shares of the industrial products company’s stock valued at $744,000 after buying an additional 224 shares during the last quarter. LPL Financial LLC raised its position in Applied Industrial Technologies by 5.4% in the 2nd quarter. LPL Financial LLC now owns 5,094 shares of the industrial products company’s stock valued at $311,000 after buying an additional 263 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in Applied Industrial Technologies by 124.2% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 621 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 344 shares in the last quarter. Finally, Quantamental Technologies LLC lifted its stake in Applied Industrial Technologies by 23.5% in the 2nd quarter. Quantamental Technologies LLC now owns 2,099 shares of the industrial products company’s stock valued at $129,000 after acquiring an additional 400 shares in the last quarter. 87.94% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.

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