Vincent K. Petrella Sells 3114 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) Stock – Defense World
Posted by admin on Aug 21st, 2022 
Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) Director Vincent K. Petrella sold 3,114 shares of the business’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $114.76, for a total transaction of $357,362.64. Following the completion of the transaction, the director now owns 18,666 shares in the company, valued at approximately $2,142,110.16. The sale was disclosed in a legal filing with the SEC, which is available through this link.
Shares of Applied Industrial Technologies stock opened at $112.84 on Friday. The firm has a market cap of $4.34 billion, a PE ratio of 17.12 and a beta of 1.22. The firm’s 50-day simple moving average is $98.53 and its 200-day simple moving average is $100.27. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.82 and a current ratio of 2.72. Applied Industrial Technologies, Inc. has a 1 year low of $80.93 and a 1 year high of $121.20.
Applied Industrial Technologies (NYSE:AIT – Get Rating) last issued its earnings results on Thursday, August 11th. The industrial products company reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.36. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $977.43 million. Applied Industrial Technologies had a net margin of 6.76% and a return on equity of 24.25%. The company’s revenue for the quarter was up 18.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.51 EPS. Equities analysts forecast that Applied Industrial Technologies, Inc. will post 7.3 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Monday, August 15th will be paid a $0.34 dividend. The ex-dividend date is Friday, August 12th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.21%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 20.64%.
A number of equities analysts have commented on AIT shares. StockNews.com upgraded shares of Applied Industrial Technologies from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 11th. Robert W. Baird lowered shares of Applied Industrial Technologies from an “outperform” rating to a “neutral” rating and boosted their price objective for the stock from $115.00 to $129.00 in a report on Friday, August 12th. Finally, KeyCorp boosted their price objective on shares of Applied Industrial Technologies from $120.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, August 12th.
A number of institutional investors have recently modified their holdings of the stock. CWM LLC acquired a new stake in Applied Industrial Technologies during the fourth quarter worth about $33,000. Advisor Group Holdings Inc. raised its stake in Applied Industrial Technologies by 8.2% during the fourth quarter. Advisor Group Holdings Inc. now owns 4,203 shares of the industrial products company’s stock worth $430,000 after acquiring an additional 319 shares during the period. Toronto Dominion Bank acquired a new stake in Applied Industrial Technologies during the fourth quarter worth about $811,000. Envestnet Asset Management Inc. raised its stake in Applied Industrial Technologies by 16.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 21,200 shares of the industrial products company’s stock worth $2,177,000 after acquiring an additional 2,961 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Applied Industrial Technologies by 6.8% during the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 6,483 shares of the industrial products company’s stock worth $665,000 after acquiring an additional 415 shares during the period. Institutional investors and hedge funds own 92.88% of the company’s stock.
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Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. It operates through two segments, Service Center Based Distribution, and Fluid Power & Flow Control. 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, 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, as well as other related supplies for general operational needs of customers' machinery and equipment.
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