Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Royce & Associates LP

Royce & Associates LP lessened its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 31.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 114,589 shares of the industrial products company's stock after selling 51,559 shares during the quarter. Royce & Associates LP owned 0.30% of Applied Industrial Technologies worth $27,441,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Larson Financial Group LLC increased its holdings in shares of 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 during the period. Kestra Investment Management LLC purchased a new position in Applied Industrial Technologies during the 4th quarter worth approximately $30,000. First Horizon Advisors Inc. lifted its stake in Applied Industrial Technologies by 106.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company's stock valued at $38,000 after acquiring an additional 88 shares during the period. SBI Securities Co. Ltd. purchased a new stake in shares of Applied Industrial Technologies in the 4th quarter valued at $44,000. Finally, Parkside Financial Bank & Trust increased its stake in shares of 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 during the period. Hedge funds and other institutional investors own 93.52% of the company's stock.

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Applied Industrial Technologies Price Performance

Shares of AIT traded down $1.83 during mid-day trading on Thursday, hitting $228.43. 396,471 shares of the company were exchanged, compared to its average volume of 260,788. 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 stock has a market cap of $8.77 billion, a price-to-earnings ratio of 23.14, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08. The company has a 50 day moving average of $249.72 and a 200-day moving average of $243.62.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, beating 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%. Analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS 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 issued a dividend of $0.46 per share. This is a positive change 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 dividend on an annualized basis and a dividend yield of 0.81%. Applied Industrial Technologies's dividend payout ratio is presently 18.64%.

Analysts Set New Price Targets

Several equities research analysts have commented on AIT shares. Robert W. Baird upped their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. StockNews.com downgraded shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Bank of America raised shares of Applied Industrial Technologies from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $285.00 to $315.00 in a report on Tuesday, November 26th. KeyCorp lowered their target price on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research note on Monday. Finally, Raymond James restated an "outperform" rating and issued a $265.00 price target (up previously from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $284.29.

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.