Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Capital Research Global Investors

Capital Research Global Investors cut its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 0.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 559,478 shares of the industrial products company's stock after selling 1,781 shares during the period. Capital Research Global Investors owned about 1.46% of Applied Industrial Technologies worth $133,978,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Larson Financial Group LLC increased its position 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 valued at $29,000 after purchasing an additional 118 shares during the period. Kestra Investment Management LLC bought a new position in Applied Industrial Technologies in the fourth quarter worth approximately $30,000. SBI Securities Co. Ltd. bought a new stake in Applied Industrial Technologies during the 4th quarter valued at $44,000. Huntington National Bank increased its holdings in shares of Applied Industrial Technologies by 33.8% in the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock valued at $45,000 after acquiring an additional 47 shares during the period. Finally, Parkside Financial Bank & Trust lifted its stake in shares of Applied Industrial Technologies by 25.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock worth $49,000 after purchasing an additional 41 shares during the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Performance

NYSE AIT traded down $0.52 on Friday, reaching $238.61. 291,394 shares of the company's stock traded hands, compared to its average volume of 293,086. The stock has a 50 day moving average price of $230.67 and a 200-day moving average price of $245.59. The firm has a market cap of $9.16 billion, a price-to-earnings ratio of 24.18, a P/E/G ratio of 3.14 and a beta of 1.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. Applied Industrial Technologies, Inc. has a fifty-two week low of $177.68 and a fifty-two week high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly 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 return on equity of 22.37% and a net margin of 8.62%. Equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

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

Wall Street Analysts Forecast Growth

AIT has been the subject of several recent analyst reports. Loop Capital reduced their price objective on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. StockNews.com lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Robert W. Baird upped their target price 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. Raymond James reissued an "outperform" rating and issued a $265.00 price target (up previously from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Finally, KeyCorp cut their price objective on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Two equities research 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, Applied Industrial Technologies currently has a consensus rating of "Moderate Buy" and an average target price of $287.14.

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.