Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Palisade Capital Management LLC NJ

Palisade Capital Management LLC NJ lowered its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 0.9% in the second quarter, Holdings Channel.com reports. The firm owned 687,211 shares of the industrial products company’s stock after selling 6,497 shares during the period. Applied Industrial Technologies comprises approximately 1.4% of Palisade Capital Management LLC NJ’s investment portfolio, making the stock its 3rd biggest holding. Palisade Capital Management LLC NJ’s holdings in Applied Industrial Technologies were worth $62,577,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Berman Capital Advisors LLC lifted its position in shares of Applied Industrial Technologies by 86.7% during the 2nd quarter. Berman Capital Advisors LLC now owns 308 shares of the industrial products company’s stock worth $28,000 after buying an additional 143 shares in the last quarter. BlackRock Inc. lifted its position in shares of Applied Industrial Technologies by 0.6% during the 2nd quarter. BlackRock Inc. now owns 6,569,006 shares of the industrial products company’s stock worth $598,175,000 after buying an additional 40,118 shares in the last quarter. Susquehanna International Group LLP lifted its position in shares of Applied Industrial Technologies by 75.3% during the 2nd quarter. Susquehanna International Group LLP now owns 16,544 shares of the industrial products company’s stock worth $1,506,000 after buying an additional 7,104 shares in the last quarter. Citigroup Inc. lifted its position in shares of Applied Industrial Technologies by 126.4% during the 2nd quarter. Citigroup Inc. now owns 30,934 shares of the industrial products company’s stock worth $2,817,000 after buying an additional 17,269 shares in the last quarter. Finally, Frontier Capital Management Co. LLC lifted its position in shares of Applied Industrial Technologies by 4.5% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 341,465 shares of the industrial products company’s stock worth $31,094,000 after buying an additional 14,589 shares in the last quarter. Institutional investors and hedge funds own 90.79% of the company’s stock.

Shares of NYSE:AIT traded down $1.96 during mid-day trading on Monday, reaching $81.50. The company had a trading volume of 1,589 shares, compared to its average volume of 156,481. The company has a current ratio of 2.80, a quick ratio of 1.95 and a debt-to-equity ratio of 0.84. The firm has a market cap of $3.14 billion, a price-to-earnings ratio of 22.33 and a beta of 1.49. The company’s 50-day moving average price is $87.79 and its 200-day moving average price is $91.93. Applied Industrial Technologies, Inc. has a one year low of $52.25 and a one year high of $107.07.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Monday, August 16th. The industrial products company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.27. Applied Industrial Technologies had a net margin of 4.47% and a return on equity of 20.52%. The company had revenue of $895.90 million for the quarter, compared to analysts’ expectations of $843.61 million. During the same quarter in the previous year, the firm posted $0.80 EPS. Applied Industrial Technologies’s revenue was up 23.6% on a year-over-year basis. On average, research analysts anticipate that Applied Industrial Technologies, Inc. will post 5.31 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 31st. Shareholders of record on Monday, August 16th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, August 13th. This represents a $1.32 dividend on an annualized basis and a yield of 1.62%. Applied Industrial Technologies’s payout ratio is 27.85%.

AIT has been the topic of several recent analyst reports. Loop Capital initiated coverage on shares of Applied Industrial Technologies in a research report on Tuesday, August 3rd. They set a “buy” rating and a $110.00 target price on the stock. Robert W. Baird lifted their target price on shares of Applied Industrial Technologies from $104.00 to $111.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 18th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Applied Industrial Technologies has a consensus rating of “Buy” and an average price target of $104.60.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc engages in the manufacture and distribution of industrial parts and products. It operates through the following segments: Service Center Based Distribution, and Fluid Power & Flow Control Business. The Service Center-Based Distribution segment provides customers with a wide range of industrial products through a network of service centers.

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Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

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