Mitsubishi UFJ Trust & Banking Corp Cuts Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Mitsubishi UFJ Trust & Banking Corp reduced its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 8.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 120,328 shares of the industrial products company's stock after selling 10,967 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.31% of Applied Industrial Technologies worth $28,815,000 at the end of the most recent reporting period.

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

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Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. KeyCorp cut their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Robert W. Baird increased their target price on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Raymond James restated an "outperform" rating and issued a $265.00 target price (up previously 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 investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, Applied Industrial Technologies currently has an average rating of "Moderate Buy" and an average price target of $284.29.

Applied Industrial Technologies Trading Down 0.0 %

AIT traded down $0.02 on Monday, reaching $225.52. 446,039 shares of the company traded hands, compared to its average volume of 279,069. The company has a market cap of $8.65 billion, a P/E ratio of 22.85, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. Applied Industrial Technologies, Inc. has a one year low of $177.68 and a one year high of $282.98. The firm has a fifty day simple moving average of $246.21 and a two-hundred day simple moving average of $245.73.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings results 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%. As a group, equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were paid a dividend of $0.46 per share. The ex-dividend date was Friday, February 14th. This represents a $1.84 annualized dividend and a dividend yield of 0.82%. This is a positive change from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 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.