Applied Industrial Technologies, Inc. (NYSE:AIT) Position Reduced by Loomis Sayles & Co. L P

Loomis Sayles & Co. L P lowered its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 2.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 236,799 shares of the industrial products company's stock after selling 6,918 shares during the period. Loomis Sayles & Co. L P owned approximately 0.62% of Applied Industrial Technologies worth $56,706,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Raymond James Trust N.A. purchased a new position in Applied Industrial Technologies in the third quarter valued at about $279,000. Citigroup Inc. boosted its stake in shares of Applied Industrial Technologies by 123.0% during the 3rd quarter. Citigroup Inc. now owns 40,048 shares of the industrial products company's stock valued at $8,936,000 after buying an additional 22,089 shares during the last quarter. Townsquare Capital LLC purchased a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at approximately $226,000. Glenmede Trust Co. NA grew its position in shares of Applied Industrial Technologies by 11.4% during the third quarter. Glenmede Trust Co. NA now owns 3,928 shares of the industrial products company's stock worth $876,000 after buying an additional 403 shares in the last quarter. Finally, Isthmus Partners LLC bought a new stake in shares of Applied Industrial Technologies in the third quarter worth $714,000. Hedge funds and other institutional investors own 93.52% of the company's stock.

Analyst Ratings Changes

AIT has been the subject of several recent analyst reports. Raymond James reissued an "outperform" rating and set a $265.00 price objective (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. KeyCorp lowered their price objective 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. StockNews.com downgraded Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Finally, Robert W. Baird boosted their price target on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Two research 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, Applied Industrial Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $284.29.

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Applied Industrial Technologies Stock Performance

Shares of AIT traded down $1.97 during midday trading on Monday, hitting $223.57. 131,598 shares of the stock traded hands, compared to its average volume of 327,709. 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 1-year low of $177.68 and a 1-year high of $282.98. The business's 50 day moving average price is $246.85 and its two-hundred day moving average price is $245.57. The firm has a market capitalization of $8.58 billion, a PE ratio of 22.65, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share (EPS) 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%. Equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a dividend of $0.46 per share. This is a boost from Applied Industrial Technologies's previous quarterly dividend of $0.37. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend was Friday, February 14th. Applied Industrial Technologies's payout ratio is currently 18.64%.

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.