Corebridge Financial Inc. Sells 3,282 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Corebridge Financial Inc. reduced its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 5.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,359 shares of the industrial products company's stock after selling 3,282 shares during the quarter. Corebridge Financial Inc. owned about 0.16% of Applied Industrial Technologies worth $14,933,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of AIT. Barclays PLC boosted its holdings in Applied Industrial Technologies by 156.6% in the 3rd 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 period. Westfield Capital Management Co. LP bought a new stake in Applied Industrial Technologies during the third quarter valued at $32,233,000. SBI Securities Co. Ltd. purchased a new position in Applied Industrial Technologies during the fourth quarter worth about $44,000. Nordea Investment Management AB increased its stake in Applied Industrial Technologies by 5.0% in 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 last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at about $1,776,000. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Trading Down 2.9 %

Shares of AIT stock traded down $6.65 on Friday, hitting $225.57. 274,627 shares of the company's stock traded hands, compared to its average volume of 278,401. The stock has a market capitalization of $8.66 billion, a price-to-earnings ratio of 22.85, a P/E/G ratio of 3.14 and a beta of 1.08. The company's fifty day simple moving average is $246.85 and its 200 day simple moving average is $245.23. Applied Industrial Technologies, Inc. has a one year low of $177.68 and a one year high of $282.98. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76.

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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 return on equity of 22.37% and a net margin of 8.62%. Equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The business 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 of this dividend was Friday, February 14th. This represents a $1.84 annualized dividend and a yield of 0.82%. This is an increase from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's payout ratio is presently 18.64%.

Analysts Set New Price Targets

AIT has been the topic of several research analyst reports. StockNews.com cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Raymond James reissued an "outperform" rating and issued a $265.00 price target (up previously from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. KeyCorp dropped their price objective on shares of 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, Robert W. Baird increased their target price on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $284.29.

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.