Magnetar Financial LLC Takes Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Magnetar Financial LLC purchased a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 6,146 shares of the industrial products company's stock, valued at approximately $1,472,000.

Several other large investors have also added to or reduced their stakes in the business. Thrivent Financial for Lutherans raised its stake in shares of Applied Industrial Technologies by 139.7% in the third quarter. Thrivent Financial for Lutherans now owns 32,179 shares of the industrial products company's stock worth $7,180,000 after purchasing an additional 18,752 shares during the last quarter. Pathstone Holdings LLC grew its holdings in Applied Industrial Technologies by 1.7% during the third quarter. Pathstone Holdings LLC now owns 11,069 shares of the industrial products company's stock worth $2,470,000 after buying an additional 190 shares in the last quarter. Banque Cantonale Vaudoise raised its position in Applied Industrial Technologies by 11.4% in the 3rd quarter. Banque Cantonale Vaudoise now owns 5,592 shares of the industrial products company's stock valued at $1,248,000 after buying an additional 571 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Applied Industrial Technologies during the 3rd quarter valued at $3,591,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Applied Industrial Technologies by 3.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 14,533 shares of the industrial products company's stock worth $3,243,000 after acquiring an additional 436 shares during the last quarter. Institutional investors own 93.52% of the company's stock.

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Applied Industrial Technologies Stock Performance

Shares of NYSE AIT traded up $2.95 during trading on Tuesday, reaching $237.53. 324,922 shares of the stock traded hands, compared to its average volume of 262,059. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55. The stock has a market capitalization of $9.12 billion, a P/E ratio of 24.07, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08. Applied Industrial Technologies, Inc. has a 52-week low of $177.68 and a 52-week high of $282.98. The company has a 50-day moving average of $248.64 and a 200-day moving average of $244.56.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $2.39 EPS 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%. Analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were issued a $0.46 dividend. The ex-dividend date was Friday, February 14th. This is an increase from Applied Industrial Technologies's previous quarterly dividend of $0.37. This represents a $1.84 annualized dividend and a yield of 0.77%. Applied Industrial Technologies's dividend payout ratio (DPR) is 18.64%.

Wall Street Analyst Weigh In

Several analysts have recently commented on AIT shares. KeyCorp lowered their target price on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a report on Monday, March 17th. StockNews.com cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Bank of America upgraded Applied Industrial Technologies from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $285.00 to $315.00 in a research note on Tuesday, November 26th. Robert W. Baird increased their price target on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Finally, Raymond James reissued an "outperform" rating and issued a $265.00 price objective (up previously from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $284.29.

About Applied Industrial Technologies

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.