Applied Industrial Technologies, Inc. (AIT) Holdings Increased by Koch Industries Inc.

Koch Industries Inc. grew its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 8,147.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 297,728 shares of the industrial products company’s stock after acquiring an additional 294,118 shares during the period. Koch Industries Inc. owned about 0.76% of Applied Industrial Technologies worth $293,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in AIT. BlackRock Inc. lifted its position in shares of Applied Industrial Technologies by 84,093.2% in the first quarter. BlackRock Inc. now owns 5,566,855 shares of the industrial products company’s stock valued at $344,310,000 after acquiring an additional 5,560,243 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Applied Industrial Technologies by 51.0% in the second quarter. Principal Financial Group Inc. now owns 717,817 shares of the industrial products company’s stock valued at $42,387,000 after acquiring an additional 242,556 shares in the last quarter. AJO LP purchased a new position in shares of Applied Industrial Technologies in the second quarter valued at about $11,749,000. Vanguard Group Inc. lifted its position in shares of Applied Industrial Technologies by 5.2% in the first quarter. Vanguard Group Inc. now owns 3,495,544 shares of the industrial products company’s stock valued at $216,199,000 after acquiring an additional 174,201 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Applied Industrial Technologies by 80.2% in the first quarter. Bank of America Corp DE now owns 316,347 shares of the industrial products company’s stock valued at $19,566,000 after acquiring an additional 140,779 shares in the last quarter. Institutional investors and hedge funds own 87.03% of the company’s stock.

A number of equities research analysts recently commented on AIT shares. Zacks Investment Research upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research report on Monday, August 14th. ValuEngine upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $66.00.

COPYRIGHT VIOLATION NOTICE: This news story was published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this news story on another domain, it was illegally copied and reposted in violation of US and international copyright & trademark legislation. The legal version of this news story can be viewed at https://www.dispatchtribunal.com/2017/10/28/koch-industries-inc-purchases-294118-shares-of-applied-industrial-technologies-inc-ait.html.

Shares of Applied Industrial Technologies, Inc. (AIT) traded down 0.69% during midday trading on Friday, reaching $64.75. The company’s stock had a trading volume of 143,937 shares. The company has a 50 day moving average price of $62.95 and a 200-day moving average price of $60.28. The stock has a market capitalization of $2.53 billion, a PE ratio of 19.04 and a beta of 0.95. Applied Industrial Technologies, Inc. has a 52 week low of $48.30 and a 52 week high of $70.05.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.10. Applied Industrial Technologies had a net margin of 5.29% and a return on equity of 16.25%. The company had revenue of $680.70 million for the quarter, compared to the consensus estimate of $668.18 million. During the same period last year, the firm posted $0.70 EPS. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, equities research analysts expect that Applied Industrial Technologies, Inc. will post $3.20 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Wednesday, November 15th will be given a $0.29 dividend. The ex-dividend date is Tuesday, November 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.79%. Applied Industrial Technologies’s payout ratio is currently 32.58%.

In related news, VP Mark O. Eisele sold 6,000 shares of Applied Industrial Technologies stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $56.11, for a total value of $336,660.00. Following the sale, the vice president now directly owns 153,029 shares in the company, valued at approximately $8,586,457.19. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Mark O. Eisele sold 4,939 shares of Applied Industrial Technologies stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $55.91, for a total transaction of $276,139.49. Following the completion of the sale, the vice president now owns 106,090 shares in the company, valued at $5,931,491.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,571 shares of company stock worth $4,070,841. Insiders own 3.70% of the company’s stock.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.

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

Receive News & Ratings for Applied Industrial Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Industrial Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply