Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 8.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 144,636 shares of the industrial products company's stock after selling 13,549 shares during the period. Victory Capital Management Inc. owned 0.38% of Applied Industrial Technologies worth $34,636,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of AIT. Kestra Investment Management LLC bought a new stake in shares of Applied Industrial Technologies in the fourth quarter worth about $30,000. First Horizon Advisors Inc. boosted its position in shares of Applied Industrial Technologies by 106.0% during the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company's stock valued at $38,000 after buying an additional 88 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Applied Industrial Technologies during the 4th quarter valued at about $44,000. Parkside Financial Bank & Trust boosted its holdings in shares of Applied Industrial Technologies by 25.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock valued at $49,000 after acquiring an additional 41 shares during the last quarter. Finally, Millburn Ridgefield Corp bought a new position in Applied Industrial Technologies during the third quarter valued at approximately $84,000. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Stock Down 3.1 %

Shares of AIT traded down $6.99 during trading hours on Thursday, hitting $218.60. The company had a trading volume of 256,482 shares, compared to its average volume of 313,088. The company's fifty day moving average price is $251.83 and its two-hundred day moving average price is $242.91. Applied Industrial Technologies, Inc. has a one year low of $177.68 and a one year high of $282.98. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $8.39 billion, a PE ratio of 22.15, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08.

Remove Ads

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

Applied Industrial Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a $0.46 dividend. This is an increase from Applied Industrial Technologies's previous quarterly dividend of $0.37. This represents a $1.84 annualized dividend and a dividend yield of 0.84%. The ex-dividend date of this dividend was Friday, February 14th. Applied Industrial Technologies's dividend payout ratio is 18.64%.

Analysts Set New Price Targets

A number of research firms have issued reports on AIT. Bank of America upgraded Applied Industrial Technologies from a "neutral" rating to a "buy" rating and boosted their price target for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. Robert W. Baird upped their target price on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Oppenheimer boosted their price objective on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an "outperform" rating in a research report on Thursday, November 14th. Raymond James reaffirmed an "outperform" rating and issued a $265.00 target price (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Finally, KeyCorp upped their price target on Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 3rd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Applied Industrial Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $291.43.

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.