Dark Forest Capital Management LP Takes Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Dark Forest Capital Management LP acquired a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,366 shares of the industrial products company's stock, valued at approximately $327,000.

Other large investors also recently made changes to their positions in the company. Hsbc Holdings PLC lifted its stake in Applied Industrial Technologies by 285.3% in the fourth quarter. Hsbc Holdings PLC now owns 14,517 shares of the industrial products company's stock valued at $3,479,000 after buying an additional 10,749 shares during the period. TD Waterhouse Canada Inc. bought a new stake in Applied Industrial Technologies in the 4th quarter valued at approximately $440,000. Tower Research Capital LLC TRC boosted its stake in shares of Applied Industrial Technologies by 315.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,393 shares of the industrial products company's stock worth $813,000 after buying an additional 2,576 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of Applied Industrial Technologies by 7.3% during the 4th quarter. MetLife Investment Management LLC now owns 43,972 shares of the industrial products company's stock worth $10,530,000 after purchasing an additional 3,004 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Applied Industrial Technologies during the 4th quarter worth about $517,000. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Price Performance

AIT opened at $238.61 on Monday. The stock's 50 day simple moving average is $230.05 and its 200 day simple moving average is $246.06. Applied Industrial Technologies, Inc. has a 1 year low of $180.35 and a 1 year high of $282.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55. The firm has a market cap of $9.16 billion, a price-to-earnings ratio of 24.18, a PEG ratio of 3.14 and a beta of 1.01.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share 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, analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The firm also recently announced 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. This represents a $1.84 annualized dividend and a yield of 0.77%. This is an increase from Applied Industrial Technologies's previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, February 14th. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 18.64%.

Wall Street Analysts Forecast Growth

AIT has been the topic of a number of recent research reports. KeyCorp lowered their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. Loop Capital cut their target price on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. StockNews.com downgraded shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Raymond James reaffirmed an "outperform" rating and issued a $265.00 price objective (up previously from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. Finally, Robert W. Baird lifted their target price on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $287.14.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.