Bessemer Group Reduces $3M in Applied Industrial Technologies, Inc. ($AIT)
Key Points
- Bessemer Group changed its Applied Industrial Technologies, Inc. ($AIT) stake by 6.9% last quarter, cutting to 118,275 shares worth $38.36 million.
- Wall Street's consensus rating on $AIT is Buy and an average price target of $334.00.
- $AIT last traded around $324.35.
Bessemer Group trimmed its position in Applied Industrial Technologies, Inc. ($AIT) by 6.9% during the most recent quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 118,275 shares of Applied Industrial Technologies, Inc. after selling 8,790 shares during the quarter. Bessemer Group's holdings in Applied Industrial Technologies, Inc. were worth $38.36 million as of its most recent filing.
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About Applied Industrial Technologies, Inc.
Applied Industrial Technologies, Inc. distributes industrial motion, power, control, and automation technology solutions in the United States, Canada, Mexico, Australia, New Zealand, Singapore, and Costa Rica. It operates in two segments, Service Center and Engineered Solutions. The Service Center segment distributes industrial bearings, power transmission, fluid power components and systems, specialty flow control, and advanced factory automation solutions, as well as general maintenance products; and motors, belting, drives, couplings, pumps, linear motion, hydraulic and pneumatic components, filtration supplies, hoses, and other related supplies. It also installs, modifies, and repairs conveyor belts and rubber linings, as well as hose assemblies. The Engineered Solutions segment is involved in distributing, engineering, designing, integrating, and repairing hydraulic and pneumatic fluid power technologies, engineered flow control products and services, and automation technologies; and provision of fluid power and industrial flow control products. Its fluid power products and solutions are used in off-highway mobile equipment, stationary industrial equipment and machines, marine and offshore equipment, factory automation, food processing equipment, packaging operations, and downstream energy process systems. This segment also offers pumps, valves, fittings, hoses, process instrumentation, actuators, and filtration supplies; and advanced automation technologies for the design, engineering, assembly, integration, and distribution of machine vision, collaborative robots, mobile robots, radio-frequency identification, industrial networking, motion control, and machine learning technologies for OEMs, machine builders, integrators, and other industrial and technology sectors. The company was formerly known as Bearings, Inc. and changed its to name to Applied Industrial Technologies, Inc. in 1997. The company was founded in 1923 and is headquartered in Cleveland, Ohio.
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