Allspring Global Investments Holdings LLC Cuts Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Allspring Global Investments Holdings LLC lowered its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 2.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 417,005 shares of the industrial products company's stock after selling 11,985 shares during the period. Allspring Global Investments Holdings LLC owned about 1.08% of Applied Industrial Technologies worth $99,524,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. V Square Quantitative Management LLC bought a new position in Applied Industrial Technologies during the third quarter worth $34,000. First Horizon Advisors Inc. raised its stake in 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 last quarter. Millburn Ridgefield Corp bought a new position in Applied Industrial Technologies during the third quarter worth $84,000. Versant Capital Management Inc raised its stake in Applied Industrial Technologies by 16.8% during the fourth quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company's stock worth $91,000 after buying an additional 55 shares during the last quarter. Finally, Values First Advisors Inc. bought a new position in Applied Industrial Technologies during the third quarter worth $114,000. Institutional investors own 93.52% of the company's stock.

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 4,000 shares of the business's stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total value of $1,126,560.00. Following the sale, the vice president now owns 55,709 shares of the company's stock, valued at $15,689,882.76. The trade was a 6.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mary Dean Hall sold 2,200 shares of the business's stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total transaction of $605,176.00. Following the completion of the sale, the director now directly owns 3,462 shares in the company, valued at approximately $952,326.96. This trade represents a 38.86 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on AIT shares. Raymond James reaffirmed an "outperform" rating and issued a $265.00 price target (up from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. StockNews.com downgraded shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Oppenheimer lifted their price target on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an "outperform" rating in a research note on Thursday, November 14th. Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Finally, Loop Capital lifted their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a "buy" rating in a research note on Monday, October 28th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Applied Industrial Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $291.43.

Applied Industrial Technologies Stock Up 0.7 %

Shares of NYSE AIT traded up $1.97 during mid-day trading on Friday, reaching $265.11. 154,800 shares of the company's stock traded hands, compared to its average volume of 292,983. The stock has a market cap of $10.17 billion, a P/E ratio of 26.86, a PEG ratio of 3.43 and a beta of 1.08. The business has a 50-day simple moving average of $254.43 and a 200 day simple moving average of $237.57. Applied Industrial Technologies, Inc. has a 1-year low of $177.68 and a 1-year high of $282.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share for the quarter, beating analysts' consensus estimates 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, analysts expect that Applied Industrial Technologies, Inc. will post 9.87 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 0.69%. This is a boost from Applied Industrial Technologies's previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, February 14th. Applied Industrial Technologies's payout ratio is presently 14.99%.

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.