US Asset Management LLC Purchases Shares of 2,065 Applied Industrial Technologies, Inc. (NYSE:AIT)

US Asset Management LLC acquired a new position in Applied Industrial Technologies, Inc. (NYSE:AIT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,065 shares of the industrial products company’s stock, valued at approximately $357,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC lifted its holdings in shares of Applied Industrial Technologies by 38.5% in the third quarter. FMR LLC now owns 1,625,565 shares of the industrial products company’s stock worth $251,329,000 after buying an additional 451,876 shares in the last quarter. Invesco Ltd. increased its position in Applied Industrial Technologies by 15.0% in the third quarter. Invesco Ltd. now owns 750,914 shares of the industrial products company’s stock worth $116,099,000 after purchasing an additional 98,144 shares during the last quarter. Boston Trust Walden Corp raised its stake in Applied Industrial Technologies by 5.4% during the fourth quarter. Boston Trust Walden Corp now owns 625,452 shares of the industrial products company’s stock valued at $108,009,000 after purchasing an additional 32,282 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Applied Industrial Technologies by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 559,037 shares of the industrial products company’s stock valued at $96,540,000 after purchasing an additional 11,092 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Applied Industrial Technologies by 19.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 508,880 shares of the industrial products company’s stock worth $87,879,000 after buying an additional 83,585 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Trading Up 1.4 %

Shares of AIT traded up $2.77 during mid-day trading on Thursday, reaching $196.64. 153,724 shares of the company’s stock traded hands, compared to its average volume of 336,320. The stock’s 50-day moving average is $189.83 and its two-hundred day moving average is $177.26. Applied Industrial Technologies, Inc. has a 12 month low of $122.24 and a 12 month high of $201.76. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.70. The stock has a market cap of $7.59 billion, a P/E ratio of 20.61, a P/E/G ratio of 1.94 and a beta of 1.10.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.08. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the business posted $2.38 EPS. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. Research analysts forecast that Applied Industrial Technologies, Inc. will post 9.6 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend is Tuesday, May 14th. Applied Industrial Technologies’s payout ratio is 15.51%.

Wall Street Analyst Weigh In

AIT has been the subject of several recent research reports. KeyCorp lifted their price target on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Oppenheimer started coverage on Applied Industrial Technologies in a report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price target on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of “Buy” and an average target price of $201.00.

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.