WCM Investment Management LLC Cuts Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

WCM Investment Management LLC reduced its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 28.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 84,149 shares of the industrial products company's stock after selling 33,992 shares during the period. WCM Investment Management LLC owned about 0.22% of Applied Industrial Technologies worth $20,083,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. V Square Quantitative Management LLC bought a new position in Applied Industrial Technologies in the 3rd quarter valued at $34,000. First Horizon Advisors Inc. grew its holdings in shares of 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 worth $38,000 after purchasing an additional 88 shares in the last quarter. UMB Bank n.a. lifted its stake in Applied Industrial Technologies by 68.1% in the 3rd quarter. UMB Bank n.a. now owns 190 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 77 shares during the last quarter. Millburn Ridgefield Corp bought a new position in Applied Industrial Technologies during the third quarter worth $84,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Applied Industrial Technologies by 16.8% in the 4th quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company's stock worth $91,000 after purchasing an additional 55 shares in the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Trading Down 1.0 %

NYSE AIT traded down $2.55 on Wednesday, reaching $259.95. The company had a trading volume of 155,062 shares, compared to its average volume of 324,316. The stock's 50 day moving average is $255.19 and its 200-day moving average is $236.61. Applied Industrial Technologies, Inc. has a 52 week low of $177.68 and a 52 week 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. The stock has a market cap of $9.98 billion, a price-to-earnings ratio of 26.34, a PEG ratio of 3.43 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share (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%. Equities analysts predict that Applied Industrial Technologies, Inc. will post 9.87 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be paid a $0.46 dividend. This is an increase from Applied Industrial Technologies's previous quarterly dividend of $0.37. This represents a $1.84 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date is Friday, February 14th. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 14.99%.

Insider Activity at Applied Industrial Technologies

In related news, Director Mary Dean Hall sold 2,200 shares of the company's stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total value of $605,176.00. Following the transaction, the director now directly owns 3,462 shares of the company's stock, valued at $952,326.96. This represents a 38.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Warren E. Hoffner III sold 4,000 shares of the business's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the sale, the vice president now directly owns 55,709 shares of the company's stock, valued at $15,689,882.76. This represents a 6.70 % decrease in their position. The disclosure for this sale can be found here. 1.67% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Raymond James reiterated an "outperform" rating and set a $265.00 target price (up from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. Robert W. Baird boosted their target price 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. Mizuho started coverage on shares of Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an "outperform" rating and a $285.00 target price for the company. KeyCorp lifted their price target on Applied Industrial Technologies from $275.00 to $325.00 and gave the company an "overweight" rating in a research note on Tuesday, December 3rd. 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 research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $291.43.

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.