Martingale Asset Management L P Cuts Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Martingale Asset Management L P lessened its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 14.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,524 shares of the industrial products company's stock after selling 2,480 shares during the period. Martingale Asset Management L P's holdings in Applied Industrial Technologies were worth $3,478,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Captrust Financial Advisors bought a new position in shares of Applied Industrial Technologies in the 3rd quarter valued at about $227,000. HighTower Advisors LLC raised its position in Applied Industrial Technologies by 39.8% during the third quarter. HighTower Advisors LLC now owns 3,950 shares of the industrial products company's stock valued at $882,000 after purchasing an additional 1,124 shares during the period. Stifel Financial Corp lifted its stake in shares of Applied Industrial Technologies by 9.2% in the 3rd quarter. Stifel Financial Corp now owns 29,694 shares of the industrial products company's stock valued at $6,626,000 after purchasing an additional 2,513 shares during the last quarter. State Street Corp boosted its holdings in shares of Applied Industrial Technologies by 2.4% in the 3rd quarter. State Street Corp now owns 1,441,051 shares of the industrial products company's stock worth $321,542,000 after purchasing an additional 34,113 shares during the period. Finally, Orion Portfolio Solutions LLC increased its position in shares of Applied Industrial Technologies by 96.7% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 4,035 shares of the industrial products company's stock valued at $900,000 after purchasing an additional 1,984 shares during the last quarter. Hedge funds and other 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 $1.54 during mid-day trading on Tuesday, hitting $227.90. The stock had a trading volume of 68,796 shares, compared to its average volume of 287,568. The firm has a market cap of $8.75 billion, a PE ratio of 23.09, a PEG 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. The company has a 50 day moving average of $237.04 and a two-hundred day moving average of $245.81. Applied Industrial Technologies, Inc. has a twelve month low of $177.68 and a twelve month high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, topping 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%. 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 0.81%. 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%.

Analysts Set New Price Targets

AIT has been the topic of a number of recent analyst reports. Robert W. Baird increased their price objective on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a research report 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. Raymond James restated an "outperform" rating and issued a $265.00 price target (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Finally, KeyCorp cut their price target 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 investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.