Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP decreased its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 6.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,665 shares of the industrial products company's stock after selling 1,286 shares during the quarter. ExodusPoint Capital Management LP's holdings in Applied Industrial Technologies were worth $4,230,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. State Street Corp increased its holdings in Applied Industrial Technologies by 2.4% during the third quarter. State Street Corp now owns 1,441,051 shares of the industrial products company's stock valued at $321,542,000 after buying an additional 34,113 shares during the last quarter. Geode Capital Management LLC grew its stake in Applied Industrial Technologies by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company's stock valued at $254,182,000 after acquiring an additional 20,842 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Applied Industrial Technologies by 0.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 571,275 shares of the industrial products company's stock worth $136,803,000 after purchasing an additional 1,958 shares during the last quarter. Norges Bank bought a new stake in Applied Industrial Technologies in the 4th quarter worth approximately $129,690,000. Finally, Bank of New York Mellon Corp raised its stake in Applied Industrial Technologies by 3.3% during the fourth quarter. Bank of New York Mellon Corp now owns 366,217 shares of the industrial products company's stock valued at $87,698,000 after purchasing an additional 11,529 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.

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Wall Street Analysts Forecast Growth

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

Applied Industrial Technologies Stock Up 2.6 %

NYSE AIT traded up $5.72 during midday trading on Friday, hitting $226.40. 370,020 shares of the company traded hands, compared to its average volume of 287,665. 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 company has a market cap of $8.69 billion, a PE ratio of 22.94, a price-to-earnings-growth ratio of 3.14 and a beta of 1.01. Applied Industrial Technologies, Inc. has a 52 week low of $177.68 and a 52 week high of $282.98. The company's 50-day simple moving average is $237.79 and its 200-day simple moving average is $245.62.

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 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, equities research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 0.81%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's payout ratio is currently 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.