Wellington Management Group LLP Cuts Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Wellington Management Group LLP trimmed its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 7.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 491,108 shares of the industrial products company's stock after selling 36,755 shares during the period. Wellington Management Group LLP owned approximately 1.28% of Applied Industrial Technologies worth $117,606,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Arizona State Retirement System increased its position in Applied Industrial Technologies by 0.4% during the 4th quarter. Arizona State Retirement System now owns 11,156 shares of the industrial products company's stock worth $2,672,000 after purchasing an additional 40 shares during the period. Parkside Financial Bank & Trust grew its holdings in Applied Industrial Technologies by 25.3% during 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. Versant Capital Management Inc grew its holdings in Applied Industrial Technologies by 16.8% during the fourth quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company's stock worth $91,000 after acquiring an additional 55 shares during the period. CIBC Asset Management Inc grew its stake in shares of Applied Industrial Technologies by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 1,206 shares of the industrial products company's stock worth $289,000 after purchasing an additional 64 shares during the period. Finally, Coldstream Capital Management Inc. grew its stake in shares of Applied Industrial Technologies by 3.7% during the 3rd quarter. Coldstream Capital Management Inc. now owns 1,924 shares of the industrial products company's stock worth $429,000 after purchasing an additional 68 shares during the period. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

A number of analysts recently commented on the stock. KeyCorp decreased their price objective on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. 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 lifted their price target on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Finally, StockNews.com cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $284.29.

Applied Industrial Technologies Trading Up 4.6 %

NYSE:AIT traded up $9.58 on Tuesday, reaching $217.85. The stock had a trading volume of 106,752 shares, compared to its average volume of 338,573. Applied Industrial Technologies, Inc. has a 12-month low of $177.68 and a 12-month high of $282.98. The company has a market cap of $8.36 billion, a price-to-earnings ratio of 22.07, a P/E/G ratio of 3.14 and a beta of 1.01. The firm's fifty day moving average is $242.30 and its two-hundred day moving average is $246.00. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55.

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 earnings per share (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%. Equities 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 disclosed 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 boost 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 dividend yield of 0.84%. Applied Industrial Technologies's dividend payout ratio (DPR) is 18.64%.

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.