Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 366,217 shares of the industrial products company's stock after acquiring an additional 11,529 shares during the period. Bank of New York Mellon Corp owned approximately 0.95% of Applied Industrial Technologies worth $87,698,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Raymond James & Associates lifted its stake in shares of Applied Industrial Technologies by 19.4% in the 3rd quarter. Raymond James & Associates now owns 14,612 shares of the industrial products company's stock valued at $3,260,000 after purchasing an additional 2,371 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in Applied Industrial Technologies during the third quarter worth $217,000. State of Alaska Department of Revenue raised its position in Applied Industrial Technologies by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 4,495 shares of the industrial products company's stock worth $1,002,000 after acquiring an additional 300 shares during the period. New York State Common Retirement Fund raised its position in Applied Industrial Technologies by 65.6% during the third quarter. New York State Common Retirement Fund now owns 144,621 shares of the industrial products company's stock worth $32,269,000 after acquiring an additional 57,283 shares during the period. Finally, James Investment Research Inc. acquired a new position in Applied Industrial Technologies during the third quarter worth $355,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Price Performance

Shares of Applied Industrial Technologies stock traded down $10.87 during trading hours on Tuesday, reaching $229.43. 618,277 shares of the company's stock were exchanged, compared to its average volume of 310,777. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. Applied Industrial Technologies, Inc. has a 1 year low of $177.68 and a 1 year high of $282.98. The business has a fifty day moving average of $253.32 and a two-hundred day moving average of $242.09. The company has a market capitalization of $8.80 billion, a P/E ratio of 23.24, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08.

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, 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%. As a group, research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share 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. Investors of record on Friday, February 14th were issued 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 0.80%. This is a positive change from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's dividend payout ratio is currently 18.64%.

Analyst Ratings Changes

A number of research firms have weighed in on AIT. 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 research report on Thursday, January 30th. Oppenheimer upped their price objective on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an "outperform" rating in a research report on Thursday, November 14th. KeyCorp upped their target price on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an "overweight" rating in a report on Tuesday, December 3rd. StockNews.com lowered shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Finally, Bank of America raised shares of Applied Industrial Technologies from a "neutral" rating to a "buy" rating and upped their target price for the stock from $285.00 to $315.00 in a report on Tuesday, November 26th. 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 presently has an average rating of "Moderate Buy" and an average target price of $291.43.

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.