Geode Capital Management LLC Boosts Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Geode Capital Management LLC lifted its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 2.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,061,231 shares of the industrial products company's stock after acquiring an additional 20,842 shares during the period. Geode Capital Management LLC owned 2.77% of Applied Industrial Technologies worth $254,182,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its position in Applied Industrial Technologies by 5,900.0% in the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 118 shares during the last quarter. Kestra Investment Management LLC bought a new stake in Applied Industrial Technologies during the 4th quarter valued at about $30,000. SBI Securities Co. Ltd. bought a new stake in shares of Applied Industrial Technologies during the fourth quarter valued at approximately $44,000. Parkside Financial Bank & Trust boosted its holdings in shares of Applied Industrial Technologies by 25.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock valued at $49,000 after purchasing an additional 41 shares during the period. Finally, National Bank of Canada FI bought a new position in Applied Industrial Technologies in the fourth quarter worth approximately $54,000. 93.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AIT has been the subject of several recent research reports. Robert W. Baird lifted their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. KeyCorp lowered their target price 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 reiterated an "outperform" rating and issued a $265.00 price target (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Finally, StockNews.com downgraded shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a 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 company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $284.29.

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Applied Industrial Technologies Stock Performance

AIT traded down $12.46 on Thursday, reaching $219.52. 112,910 shares of the stock were exchanged, compared to its average volume of 345,563. 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's 50-day moving average price is $239.22 and its 200 day moving average price is $245.59. The firm has a market capitalization of $8.42 billion, a PE ratio of 22.24, a PEG ratio of 3.14 and a beta of 1.01. Applied Industrial Technologies, Inc. has a fifty-two week low of $177.68 and a fifty-two week high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, topping 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%. As a group, sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

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