Rockefeller Capital Management L.P. Takes Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Rockefeller Capital Management L.P. purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 70,710 shares of the industrial products company's stock, valued at approximately $16,933,000. Rockefeller Capital Management L.P. owned approximately 0.18% of Applied Industrial Technologies at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Larson Financial Group LLC grew its stake 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 period. Kestra Investment Management LLC acquired a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $30,000. SBI Securities Co. Ltd. purchased a new stake in shares of Applied Industrial Technologies during the fourth quarter worth about $44,000. Huntington National Bank raised its position in shares of Applied Industrial Technologies by 33.8% during the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after purchasing an additional 47 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its stake in Applied Industrial Technologies by 25.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock valued at $49,000 after buying an additional 41 shares in the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on AIT. StockNews.com cut Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. KeyCorp cut their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. Raymond James reissued an "outperform" rating and set a $265.00 price target (up previously from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. 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 research report on Thursday, January 30th. Finally, Loop Capital decreased their target price on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a report on Thursday. Two equities 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, the company currently has an average rating of "Moderate Buy" and an average price target of $287.14.

Applied Industrial Technologies Stock Performance

NYSE:AIT traded up $6.44 during midday trading on Friday, reaching $221.94. The stock had a trading volume of 489,566 shares, compared to its average volume of 290,853. The stock has a market cap of $8.52 billion, a P/E ratio of 22.49, a P/E/G ratio of 3.14 and a beta of 1.01. The firm has a fifty day simple moving average of $233.63 and a two-hundred day simple moving average of $245.45. Applied Industrial Technologies, Inc. has a 12-month low of $177.68 and a 12-month high of $282.98. 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 (NYSE:AIT - Get Free Report) last posted 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%. On average, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were given a dividend of $0.46 per share. This is an increase from Applied Industrial Technologies's previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.84 annualized dividend and a yield of 0.83%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 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.