Intrust Bank NA Buys Shares of 1,238 Applied Industrial Technologies, Inc. (NYSE:AIT)

Intrust Bank NA bought a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,238 shares of the industrial products company's stock, valued at approximately $296,000.

A number of other hedge funds have also recently added to or reduced their stakes in AIT. Larson Financial Group LLC lifted its stake in Applied Industrial Technologies by 5,900.0% in the fourth quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock valued at $29,000 after buying an additional 118 shares during the last quarter. Kestra Investment Management LLC acquired a new stake in Applied Industrial Technologies during the 4th quarter worth $30,000. SBI Securities Co. Ltd. purchased a new position in Applied Industrial Technologies during the 4th quarter worth $44,000. Parkside Financial Bank & Trust increased its stake in Applied Industrial Technologies by 25.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock valued at $49,000 after purchasing an additional 41 shares during the period. Finally, Millburn Ridgefield Corp acquired a new stake in shares of Applied Industrial Technologies during the third quarter worth about $84,000. Hedge funds and other institutional investors own 93.52% of the company's stock.

Analyst Ratings Changes

AIT has been the subject of several analyst reports. Raymond James reaffirmed an "outperform" rating and set a $265.00 price objective (up from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. KeyCorp lowered their price objective on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. StockNews.com downgraded Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Finally, Robert W. Baird increased their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $284.29.

Remove Ads

Applied Industrial Technologies Price Performance

Shares of AIT stock traded down $5.51 during mid-day trading on Friday, reaching $211.16. The stock had a trading volume of 581,168 shares, compared to its average volume of 281,081. The company has a market cap of $8.10 billion, a P/E ratio of 21.39, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32. Applied Industrial Technologies, Inc. has a 12-month low of $177.68 and a 12-month high of $282.98. The business has a 50-day simple moving average of $243.16 and a 200 day simple moving average of $245.67.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. On average, sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date was Friday, February 14th. This is a boost from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's dividend payout ratio is 18.64%.

Applied Industrial Technologies Profile

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. 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, automation solutions, 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, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.