Zions Bancorporation N.A. Purchases 1,566 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Zions Bancorporation N.A. raised its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 14.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,309 shares of the industrial products company's stock after acquiring an additional 1,566 shares during the quarter. Zions Bancorporation N.A.'s holdings in Applied Industrial Technologies were worth $2,948,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Zurich Insurance Group Ltd FI acquired a new stake in shares of Applied Industrial Technologies in the third quarter valued at approximately $84,139,000. Raymond James Financial Inc. acquired a new stake in shares of Applied Industrial Technologies in the 4th quarter valued at $25,518,000. Polar Asset Management Partners Inc. bought a new stake in shares of Applied Industrial Technologies during the third quarter worth $12,897,000. Barclays PLC lifted its stake in shares of Applied Industrial Technologies by 156.6% during the third quarter. Barclays PLC now owns 74,109 shares of the industrial products company's stock valued at $16,537,000 after acquiring an additional 45,224 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Applied Industrial Technologies by 4.1% in the third quarter. Geode Capital Management LLC now owns 1,040,389 shares of the industrial products company's stock valued at $232,181,000 after acquiring an additional 40,689 shares during the last quarter. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Trading Down 2.9 %

Shares of NYSE AIT traded down $6.65 during midday trading on Friday, reaching $225.57. 274,627 shares of the stock were exchanged, compared to its average volume of 278,401. 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, Inc. has a 12 month low of $177.68 and a 12 month high of $282.98. The business has a 50-day simple moving average of $246.85 and a two-hundred day simple moving average of $245.23. The company has a market capitalization of $8.66 billion, a price-to-earnings ratio of 22.85, a P/E/G ratio of 3.14 and a beta of 1.08.

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Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted 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%. As a group, equities research 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 paid a $0.46 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a yield of 0.82%. This is a positive change from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's payout ratio is presently 18.64%.

Analysts Set New Price Targets

A number of research firms have issued reports on AIT. Raymond James restated 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. StockNews.com lowered shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Robert W. Baird lifted 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. Finally, KeyCorp cut their price target on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. Two investment 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 stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $284.29.

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.