Cibc World Markets Corp Invests $862,000 in Applied Industrial Technologies, Inc. (NYSE:AIT)

Cibc World Markets Corp bought a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,599 shares of the industrial products company's stock, valued at approximately $862,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of AIT. Barclays PLC lifted its stake in Applied Industrial Technologies by 156.6% in the third quarter. Barclays PLC now owns 74,109 shares of the industrial products company's stock valued at $16,537,000 after purchasing an additional 45,224 shares during the last quarter. Westfield Capital Management Co. LP bought a new stake in shares of Applied Industrial Technologies in the third quarter valued at $32,233,000. SBI Securities Co. Ltd. purchased a new position in shares of Applied Industrial Technologies during the 4th quarter valued at $44,000. Nordea Investment Management AB grew its stake in shares of Applied Industrial Technologies by 5.0% during the 4th quarter. Nordea Investment Management AB now owns 202,050 shares of the industrial products company's stock worth $48,540,000 after acquiring an additional 9,667 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in Applied Industrial Technologies in the 3rd quarter worth about $1,776,000. 93.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on AIT. StockNews.com downgraded shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. KeyCorp lowered their target price 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. Robert W. Baird raised their price target on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Bank of America upgraded Applied Industrial Technologies from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. Finally, Raymond James restated an "outperform" rating and issued a $265.00 target price (up previously from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $284.29.

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Applied Industrial Technologies Price Performance

Shares of NYSE AIT traded down $4.25 during midday trading on Wednesday, hitting $233.16. 294,373 shares of the company's stock were exchanged, compared to its average volume of 262,575. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32. The business's fifty day moving average price is $248.33 and its two-hundred day moving average price is $244.87. The company has a market cap of $8.95 billion, a price-to-earnings ratio of 23.62, a PEG ratio of 3.14 and a beta of 1.08. Applied Industrial Technologies, Inc. has a 12-month low of $177.68 and a 12-month high of $282.98.

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, topping 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 forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were paid a dividend of $0.46 per share. The ex-dividend date was Friday, February 14th. This represents a $1.84 annualized dividend and a yield of 0.79%. This is a positive change from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's payout ratio is 18.64%.

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.