Insider Monkey finished processing more than 700 13F filings made by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of September 30. What do these smart investors think about Applied Industrial Technologies (NYSE:AIT)?
Is Applied Industrial Technologies (NYSE:AIT) a healthy stock for your portfolio? The best stock pickers are taking a bearish view. The number of bullish hedge fund bets was trimmed by 4 in recent months. AIT was in 12 hedge funds’ portfolios at the end of September. There were 16 hedge funds in our database with AIT holdings at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Core-Mark Holding Company, Inc. (NASDAQ:CORE), Sabra Health Care REIT Inc (NASDAQ:SBRA), and Compania de Minas Buenaventura SA (ADR) (NYSE:BVN) to gather more data points.
Today there are a multitude of formulas shareholders put to use to size up stocks. A pair of the most under-the-radar formulas are hedge fund and insider trading indicators. Our experts have shown that, historically, those who follow the top picks of the elite investment managers can beat their index-focused peers by a solid margin (see the details here).
Now, let’s take a look at the key action surrounding Applied Industrial Technologies (NYSE:AIT).
Hedge fund activity in Applied Industrial Technologies (NYSE:AIT)
At Q3’s end, a total of 12 of the hedge funds tracked by Insider Monkey were long this stock, a change of -25% from the second quarter. With the smart money’s capital changing hands, there exists an “upper tier” of key hedge fund managers who were boosting their stakes considerably (or already accumulated large positions).
According to Insider Monkey’s hedge fund database, Chuck Royce’s Royce & Associates has the number one position in Applied Industrial Technologies (NYSE:AIT), worth close to $144.7 million, corresponding to 0.8% of its total 13F portfolio. Coming in second is Gotham Asset Management, managed by Joel Greenblatt, which holds a $16.3 million position; 0.2% of its 13F portfolio is allocated to the company. Other peers with similar optimism comprise Ken Griffin’s Citadel Investment Group, Israel Englander’s Millennium Management, and Tim Curro’s Value Holdings LP.