Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. lowered its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 16.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,391 shares of the industrial products company's stock after selling 2,313 shares during the quarter. Advisors Asset Management Inc.'s holdings in Applied Industrial Technologies were worth $2,728,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of AIT. Larson Financial Group LLC increased its holdings in Applied Industrial Technologies by 5,900.0% during the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock worth $29,000 after purchasing an additional 118 shares during the period. Kestra Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies during the fourth quarter worth approximately $30,000. First Horizon Advisors Inc. increased its stake in shares of Applied Industrial Technologies by 106.0% during the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company's stock worth $38,000 after buying an additional 88 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Applied Industrial Technologies in the fourth quarter valued at approximately $44,000. Finally, Parkside Financial Bank & Trust lifted 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 worth $49,000 after acquiring an additional 41 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

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Applied Industrial Technologies Stock Performance

AIT traded down $4.25 during trading on Wednesday, hitting $233.16. 294,373 shares of the stock were exchanged, compared to its average volume of 262,575. The firm has a market capitalization of $8.95 billion, a P/E ratio of 23.62, a PEG ratio of 3.14 and a beta of 1.08. Applied Industrial Technologies, Inc. has a 1-year low of $177.68 and a 1-year high of $282.98. The stock has a fifty day moving average price of $248.33 and a two-hundred day moving average price of $244.87. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings results 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%. As a group, sell-side analysts predict 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 declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were issued a dividend of $0.46 per share. The ex-dividend date was Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.79%. This is a positive change from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 18.64%.

Wall Street Analysts Forecast Growth

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

Applied Industrial Technologies Company 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.