Applied Industrial Technologies, Inc. (NYSE:AIT) Position Reduced by Vestcor Inc

Vestcor Inc cut its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 52.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,716 shares of the industrial products company's stock after selling 4,034 shares during the quarter. Vestcor Inc's holdings in Applied Industrial Technologies were worth $890,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Zurich Insurance Group Ltd FI purchased a new stake in shares of Applied Industrial Technologies during the third quarter worth about $84,139,000. Westfield Capital Management Co. LP acquired a new position in shares of Applied Industrial Technologies in the 3rd quarter valued at approximately $32,233,000. Raymond James Financial Inc. acquired a new position in shares of Applied Industrial Technologies in the 4th quarter valued at approximately $25,518,000. Eagle Asset Management Inc. acquired a new stake in shares of Applied Industrial Technologies during the third quarter worth approximately $13,034,000. Finally, Polar Asset Management Partners Inc. bought a new stake in shares of Applied Industrial Technologies in the third quarter worth $12,897,000. Hedge funds and other institutional investors own 93.52% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Raymond James reiterated an "outperform" rating and set a $265.00 price objective (up from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. KeyCorp reduced 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 research report on Monday. Robert W. Baird boosted their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Bank of America raised Applied Industrial Technologies from a "neutral" rating to a "buy" rating and increased their target price for the stock from $285.00 to $315.00 in a report on Tuesday, November 26th. Finally, StockNews.com downgraded Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $284.29.

Remove Ads

Applied Industrial Technologies Stock Performance

Shares of AIT traded up $5.81 during midday trading on Wednesday, hitting $230.26. 380,219 shares of the stock traded hands, compared to its average volume of 261,040. The business's 50 day moving average price is $250.09 and its two-hundred day moving average price is $243.71. The firm has a market capitalization of $8.84 billion, a PE ratio of 23.33, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08. 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 1-year low of $177.68 and a 1-year high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued 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%. 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 business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a dividend of $0.46 per share. This is a boost from Applied Industrial Technologies's previous quarterly dividend of $0.37. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date of this dividend was Friday, February 14th. Applied Industrial Technologies's payout ratio is currently 18.64%.

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.