Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Acquired by Artisan Partners Limited Partnership

Artisan Partners Limited Partnership grew its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 32.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 238,975 shares of the industrial products company's stock after acquiring an additional 58,140 shares during the quarter. Artisan Partners Limited Partnership owned about 0.62% of Applied Industrial Technologies worth $57,227,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Raymond James Trust N.A. bought a new stake in Applied Industrial Technologies during the third quarter worth approximately $279,000. Citigroup Inc. boosted its position in shares of Applied Industrial Technologies by 123.0% during the third quarter. Citigroup Inc. now owns 40,048 shares of the industrial products company's stock valued at $8,936,000 after buying an additional 22,089 shares during the period. Townsquare Capital LLC bought a new stake in shares of Applied Industrial Technologies during the 3rd quarter worth approximately $226,000. Glenmede Trust Co. NA grew its holdings in shares of Applied Industrial Technologies by 11.4% in the third quarter. Glenmede Trust Co. NA now owns 3,928 shares of the industrial products company's stock worth $876,000 after purchasing an additional 403 shares during the last quarter. Finally, Isthmus Partners LLC purchased a new position in Applied Industrial Technologies in the 3rd quarter worth about $714,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Up 1.9 %

Shares of NYSE AIT traded up $4.38 during mid-day trading on Tuesday, reaching $229.72. 254,722 shares of the company were exchanged, compared to its average volume of 278,834. Applied Industrial Technologies, Inc. has a 1 year low of $177.68 and a 1 year high of $282.98. The firm has a 50-day moving average of $245.54 and a 200 day moving average of $245.92. The stock has a market cap of $8.82 billion, a price-to-earnings ratio of 23.27, a P/E/G ratio of 3.14 and a beta of 1.08. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32.

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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%. On average, research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 0.80%. This is an increase from Applied Industrial Technologies's previous quarterly dividend of $0.37. The ex-dividend date was Friday, February 14th. Applied Industrial Technologies's dividend payout ratio (DPR) is 18.64%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Robert W. Baird raised their target price 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. Raymond James restated an "outperform" rating and set a $265.00 price objective (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. KeyCorp lowered their target price 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. Finally, StockNews.com lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $284.29.

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.