Federated Hermes Inc. Grows Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Federated Hermes Inc. grew its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 2.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 250,378 shares of the industrial products company's stock after acquiring an additional 6,399 shares during the period. Federated Hermes Inc. owned about 0.65% of Applied Industrial Technologies worth $59,958,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Arizona State Retirement System increased its holdings in Applied Industrial Technologies by 0.4% during the 4th quarter. Arizona State Retirement System now owns 11,156 shares of the industrial products company's stock valued at $2,672,000 after acquiring an additional 40 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of Applied Industrial Technologies by 25.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock worth $49,000 after purchasing an additional 41 shares in the last quarter. OneAscent Financial Services LLC raised its position in shares of Applied Industrial Technologies by 4.1% during the 4th quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock worth $249,000 after purchasing an additional 41 shares during the last quarter. Huntington National Bank lifted its stake in Applied Industrial Technologies by 33.8% in the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock valued at $45,000 after buying an additional 47 shares in the last quarter. Finally, Versant Capital Management Inc grew its holdings in Applied Industrial Technologies by 16.8% during the 4th quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company's stock valued at $91,000 after buying an additional 55 shares during 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

AIT has been the subject of a number of analyst reports. KeyCorp cut their price target on 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 reissued 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. Robert W. Baird raised their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Finally, StockNews.com downgraded shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $284.29.

Applied Industrial Technologies Trading Up 2.6 %

NYSE:AIT traded up $5.72 during trading hours on Friday, reaching $226.40. 370,020 shares of the company were exchanged, compared to its average volume of 287,665. The firm has a market cap of $8.69 billion, a price-to-earnings ratio of 22.94, a PEG ratio of 3.14 and a beta of 1.01. The stock has a 50 day simple moving average of $237.79 and a 200 day simple moving average of $245.62. Applied Industrial Technologies, Inc. has a 52-week low of $177.68 and a 52-week 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.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. As a group, analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.81%. This is a boost from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's payout ratio is presently 18.64%.

About Applied Industrial Technologies

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.