Wedge Capital Management L L P NC Sells 2,648 Shares of Applied Industrial Technologies, Inc. $AIT

Wedge Capital Management L L P NC trimmed its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 11.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,918 shares of the industrial products company’s stock after selling 2,648 shares during the period. Wedge Capital Management L L P NC’s holdings in Applied Industrial Technologies were worth $6,735,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter worth about $125,044,000. Thrivent Financial for Lutherans raised its stake in Applied Industrial Technologies by 1,628.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company’s stock valued at $50,570,000 after acquiring an additional 185,553 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Applied Industrial Technologies by 40.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company’s stock valued at $5,539,000 after acquiring an additional 6,254 shares during the last quarter. M&T Bank Corp lifted its position in Applied Industrial Technologies by 33,181.4% during the 4th quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company’s stock worth $81,322,000 after acquiring an additional 299,960 shares during the period. Finally, Mutual of America Capital Management LLC lifted its position in Applied Industrial Technologies by 38.1% during the 4th quarter. Mutual of America Capital Management LLC now owns 96,438 shares of the industrial products company’s stock worth $24,762,000 after acquiring an additional 26,612 shares during the period. 93.52% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Oppenheimer boosted their target price on Applied Industrial Technologies from $300.00 to $350.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. DA Davidson started coverage on Applied Industrial Technologies in a report on Tuesday, June 16th. They set a “buy” rating and a $380.00 price target for the company. Wall Street Zen lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Finally, Mizuho upped their price objective on shares of Applied Industrial Technologies from $330.00 to $355.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $336.71.

Applied Industrial Technologies Trading Up 0.2%

NYSE:AIT opened at $353.04 on Thursday. Applied Industrial Technologies, Inc. has a 1 year low of $238.34 and a 1 year high of $363.59. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.97 and a current ratio of 2.95. The stock has a fifty day moving average price of $335.25 and a two-hundred day moving average price of $302.37. The stock has a market capitalization of $13.05 billion, a price-to-earnings ratio of 33.34, a PEG ratio of 3.04 and a beta of 0.84.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Friday, August 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 19.26%.

Insider Activity

In related news, Director Madhuri A. Andrews sold 3,845 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $329.89, for a total value of $1,268,427.05. Following the completion of the sale, the director owned 4,951 shares in the company, valued at $1,633,285.39. This trade represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is owned by corporate insiders.

About Applied Industrial Technologies

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.