5,284 Shares in Applied Industrial Technologies, Inc. (NYSE:AIT) Acquired by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd purchased a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,284 shares of the industrial products company's stock, valued at approximately $1,265,000.

A number of other hedge funds have also modified their holdings of AIT. State Street Corp grew 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 purchasing an additional 34,113 shares during the period. Geode Capital Management LLC grew its holdings in shares of Applied Industrial Technologies by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,040,389 shares of the industrial products company's stock valued at $232,181,000 after buying an additional 40,689 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Applied Industrial Technologies by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 571,275 shares of the industrial products company's stock valued at $136,803,000 after buying an additional 1,958 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at $84,139,000. Finally, Bank of New York Mellon Corp raised its stake in Applied Industrial Technologies by 3.3% during the 4th quarter. Bank of New York Mellon Corp now owns 366,217 shares of the industrial products company's stock worth $87,698,000 after buying an additional 11,529 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.

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Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock traded up $10.15 during midday trading on Monday, reaching $234.69. 280,416 shares of the company's stock were exchanged, compared to its average volume of 262,100. The firm has a market cap of $9.01 billion, a price-to-earnings ratio of 23.78, a P/E/G ratio of 3.14 and a beta of 1.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. Applied Industrial Technologies, Inc. has a 52 week low of $177.68 and a 52 week high of $282.98. The stock's 50-day simple moving average is $248.92 and its 200 day simple moving average is $244.28.

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, 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%. On average, analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share 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. Stockholders of record on Friday, February 14th were given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.78%. 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 payout ratio is presently 18.64%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Bank of America upgraded Applied Industrial Technologies from a "neutral" rating to a "buy" rating and increased their price target for the stock from $285.00 to $315.00 in a report on Tuesday, November 26th. Raymond James restated an "outperform" rating and set a $265.00 target price (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. KeyCorp reduced their price target 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. Robert W. Baird raised their price objective 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. Finally, StockNews.com lowered shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Two equities 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, Applied Industrial Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $284.29.

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.