Applied Industrial Technologies (NYSE:AIT) Short Interest Update

Applied Industrial Technologies (NYSE:AIT) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 487,800 shares, a growth of 22.1% from the September 30th total of 399,400 shares. Based on an average daily volume of 234,500 shares, the short-interest ratio is currently 2.1 days. Approximately 1.3% of the shares of the stock are short sold.

In related news, Director Jerry Sue Thornton sold 16,031 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $53.45, for a total transaction of $856,856.95. Following the sale, the director now owns 55,003 shares of the company’s stock, valued at approximately $2,939,910.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.70% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC bought a new position in Applied Industrial Technologies during the 2nd quarter worth approximately $32,000. Rockefeller Capital Management L.P. grew its position in shares of 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 worth $38,000 after buying an additional 344 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth approximately $116,000. Quantamental Technologies LLC grew its position in shares of 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 worth $129,000 after buying an additional 400 shares during the last quarter. Finally, Holocene Advisors LP bought a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth approximately $212,000. Institutional investors and hedge funds own 87.46% of the company’s stock.

Several research firms have weighed in on AIT. Wells Fargo & Co set a $60.00 price target on Applied Industrial Technologies and gave the company a “hold” rating in a report on Monday, September 23rd. ValuEngine raised Applied Industrial Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, KeyCorp reissued an “overweight” rating and set a $65.00 price objective (down from $70.00) on shares of Applied Industrial Technologies in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. Applied Industrial Technologies has an average rating of “Hold” and an average target price of $65.00.

Shares of NYSE AIT traded up $0.23 during trading hours on Tuesday, reaching $63.63. 3,304 shares of the stock traded hands, compared to its average volume of 183,034. The company has a market capitalization of $2.47 billion, a P/E ratio of 14.46 and a beta of 1.34. The company has a quick ratio of 1.42, a current ratio of 2.39 and a debt-to-equity ratio of 0.93. Applied Industrial Technologies has a 52-week low of $49.45 and a 52-week high of $67.92. The company’s 50-day simple moving average is $57.09 and its two-hundred day simple moving average is $56.96.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $1.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.01. The company had revenue of $856.40 million for the quarter, compared to analysts’ expectations of $850.45 million. Applied Industrial Technologies had a return on equity of 18.22% and a net margin of 3.86%. Applied Industrial Technologies’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period last year, the firm posted $1.14 EPS. As a group, sell-side analysts forecast that Applied Industrial Technologies will post 4.36 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $1.24 annualized dividend and a yield of 1.95%. Applied Industrial Technologies’s payout ratio is 28.12%.

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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