Kessler Investment Group LLC Sells 160 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

by · The Markets Daily

Kessler Investment Group LLC cut its stake in Applied Industrial Technologies, Inc. (NYSE:AIT – Free Report) by 24.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 482 shares of the industrial products company’s stock after selling 160 shares during the period. Kessler Investment Group LLC’s holdings in Applied Industrial Technologies were worth $108,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EntryPoint Capital LLC bought a new position in Applied Industrial Technologies in the first quarter worth approximately $25,000. Headlands Technologies LLC bought a new position in shares of Applied Industrial Technologies in the 2nd quarter worth $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth $32,000. V Square Quantitative Management LLC bought a new stake in Applied Industrial Technologies during the third quarter valued at about $34,000. Finally, Quarry LP purchased a new position in Applied Industrial Technologies in the second quarter valued at about $39,000. Institutional investors own 93.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Mizuho started coverage on Applied Industrial Technologies in a research report on Tuesday. They issued an “outperform” rating and a $285.00 target price on the stock. Bank of America began coverage on Applied Industrial Technologies in a research note on Monday, October 7th. They set a “neutral” rating and a $232.00 price objective for the company. Raymond James began coverage on Applied Industrial Technologies in a report on Wednesday, September 4th. They set an “outperform” rating and a $225.00 target price on the stock. StockNews.com cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Finally, KeyCorp boosted their price target on shares of Applied Industrial Technologies from $215.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Applied Industrial Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $243.14.

Check Out Our Latest Report on Applied Industrial Technologies

Applied Industrial Technologies Trading Down 1.7 %

NYSE AIT traded down $3.91 on Tuesday, reaching $226.07. 20,657 shares of the company were exchanged, compared to its average volume of 285,704. The business’s fifty day moving average price is $212.49 and its 200 day moving average price is $200.31. The company has a current ratio of 3.53, a quick ratio of 2.56 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $8.73 billion, a P/E ratio of 24.11, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. Applied Industrial Technologies, Inc. has a fifty-two week low of $149.59 and a fifty-two week high of $235.75.

Applied Industrial Technologies (NYSE:AIT – Get Free Report) last announced its quarterly earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.52 by $0.12. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period last year, the business earned $2.35 earnings per share. The business’s revenue for the quarter was up .2% on a year-over-year basis. Analysts forecast that Applied Industrial Technologies, Inc. will post 9.69 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Kurt W. Loring sold 3,366 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $4,037,221.30. The trade was a 0.00 % 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. In related news, VP Kurt W. Loring sold 3,366 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now directly owns 19,315 shares of the company’s stock, valued at $4,037,221.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the transaction, the vice president now owns 19,315 shares in the company, valued at $3,922,876.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,927 shares of company stock worth $2,439,116 over the last three months. Company insiders own 2.20% of the company’s stock.

Applied Industrial Technologies Company Profile

(Free Report)

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.

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