Principal Financial Group Inc. decreased its position in Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) by 7.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 286,539 shares of the industrial products company’s stock after selling 22,163 shares during the quarter. Principal Financial Group Inc.’s holdings in Applied Industrial Technologies were worth $29,428,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Fuller & Thaler Asset Management Inc. lifted its holdings in Applied Industrial Technologies by 0.5% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,533,843 shares of the industrial products company’s stock valued at $157,526,000 after acquiring an additional 7,253 shares during the period. Lazard Asset Management LLC bought a new position in Applied Industrial Technologies in the fourth quarter valued at about $30,000. VELA Investment Management LLC bought a new position in Applied Industrial Technologies in the fourth quarter valued at about $1,802,000. Ziegler Capital Management LLC lifted its holdings in Applied Industrial Technologies by 9.8% in the fourth quarter. Ziegler Capital Management LLC now owns 142,218 shares of the industrial products company’s stock valued at $14,605,000 after acquiring an additional 12,718 shares during the period. Finally, Gladius Capital Management LP bought a new position in shares of Applied Industrial Technologies in the fourth quarter worth about $89,000. 92.88% of the stock is currently owned by institutional investors.
Several research firms have recently commented on AIT. StockNews.com downgraded Applied Industrial Technologies from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Zacks Investment Research downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating and set a $107.00 price objective on the stock. in a research note on Wednesday, March 30th. Finally, Robert W. Baird raised their price objective on Applied Industrial Technologies from $115.00 to $123.00 in a research note on Friday, January 28th.
Applied Industrial Technologies (NYSE:AIT – Get Rating) last released its earnings results on Thursday, April 28th. The industrial products company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.23. Applied Industrial Technologies had a return on equity of 23.58% and a net margin of 6.52%. The firm had revenue of $980.60 million during the quarter, compared to analysts’ expectations of $922.46 million. During the same quarter last year, the business posted $1.37 earnings per share. The firm’s revenue was up 16.6% on a year-over-year basis. On average, research analysts predict that Applied Industrial Technologies, Inc. will post 6.24 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 31st. Investors of record on Monday, May 16th will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend is Friday, May 13th. Applied Industrial Technologies’s dividend payout ratio is currently 22.37%.
In other Applied Industrial Technologies news, Director Peter C. Wallace sold 4,931 shares of the firm’s stock in a transaction that occurred on Tuesday, May 3rd. The stock was sold at an average price of $105.06, for a total transaction of $518,050.86. Following the completion of the transaction, the director now owns 24,357 shares in the company, valued at approximately $2,558,946.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Neil A. Schrimsher sold 6,921 shares of the firm’s stock in a transaction that occurred on Monday, February 28th. The shares were sold at an average price of $101.16, for a total value of $700,128.36. The disclosure for this sale can be found here. Insiders have sold 14,931 shares of company stock valued at $1,530,944 in the last quarter. 2.40% of the stock is currently owned by company insiders.
About Applied Industrial Technologies (Get Rating)
Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. It operates through two segments, Service Center Based Distribution, and Fluid Power & Flow Control. 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, 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, as well as other related supplies for general operational needs of customers' machinery and equipment.
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