Franklin Resources Inc. Raises Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Franklin Resources Inc. lifted its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 19.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 279,144 shares of the industrial products company's stock after purchasing an additional 45,489 shares during the period. Franklin Resources Inc. owned 0.73% of Applied Industrial Technologies worth $66,847,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Larson Financial Group LLC raised its position in Applied Industrial Technologies by 5,900.0% during the fourth quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock worth $29,000 after acquiring an additional 118 shares in the last quarter. Kestra Investment Management LLC bought a new stake in shares of Applied Industrial Technologies in the 4th quarter valued at about $30,000. SBI Securities Co. Ltd. acquired a new stake in Applied Industrial Technologies in the 4th quarter valued at about $44,000. Parkside Financial Bank & Trust grew its holdings in Applied Industrial Technologies by 25.3% during the fourth 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 during the period. Finally, Millburn Ridgefield Corp acquired a new position in Applied Industrial Technologies during the third quarter worth approximately $84,000. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Trading Up 4.6 %

AIT stock traded up $9.58 during mid-day trading on Tuesday, reaching $217.85. The company's stock had a trading volume of 106,752 shares, compared to its average volume of 338,573. The company has a market cap of $8.36 billion, a price-to-earnings ratio of 22.07, a price-to-earnings-growth ratio of 3.14 and a beta of 1.01. Applied Industrial Technologies, Inc. has a 12 month low of $177.68 and a 12 month high of $282.98. The business's 50 day moving average price is $242.30 and its 200 day moving average price is $246.00. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32.

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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 for the quarter, beating the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. On average, equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were given a dividend of $0.46 per share. This is a boost from Applied Industrial Technologies's previous quarterly dividend of $0.37. The ex-dividend date was Friday, February 14th. This represents a $1.84 annualized dividend and a dividend yield of 0.84%. Applied Industrial Technologies's payout ratio is presently 18.64%.

Analyst Ratings Changes

Several equities research analysts have issued reports on AIT shares. 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. Robert W. Baird lifted their target price on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Raymond James restated an "outperform" rating and set a $265.00 price objective (up from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. Finally, StockNews.com downgraded Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus 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.