Prudential Financial Inc. Raises Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Prudential Financial Inc. raised its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 64.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,523 shares of the industrial products company's stock after acquiring an additional 4,921 shares during the period. Prudential Financial Inc.'s holdings in Applied Industrial Technologies were worth $3,326,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Larson Financial Group LLC raised its stake in Applied Industrial Technologies by 5,900.0% in the fourth quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 118 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at $30,000. SBI Securities Co. Ltd. bought a new stake in shares of Applied Industrial Technologies during the 4th quarter worth $44,000. Parkside Financial Bank & Trust grew its position in 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 worth $49,000 after acquiring an additional 41 shares in the last quarter. Finally, Millburn Ridgefield Corp purchased a new position in Applied Industrial Technologies in the third quarter worth $84,000. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Trading Down 1.3 %

Shares of NYSE:AIT traded down $2.74 during trading on Monday, reaching $208.11. 653,904 shares of the company traded hands, compared to its average volume of 282,943. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32. Applied Industrial Technologies, Inc. has a 52-week low of $177.68 and a 52-week high of $282.98. The business's fifty day moving average is $242.30 and its 200-day moving average is $246.00. The firm has a market capitalization of $7.99 billion, a price-to-earnings ratio of 21.08, a P/E/G ratio of 3.14 and a beta of 1.01.

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Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced 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, analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date was Friday, February 14th. This is an increase from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's payout ratio is currently 18.64%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on AIT shares. StockNews.com lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. 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 research 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 on the stock in a research report on Monday, March 17th. Finally, Robert W. Baird boosted 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. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's 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.

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.