Navellier & Associates Inc. Has $853,000 Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Navellier & Associates Inc. raised its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 30.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,564 shares of the industrial products company’s stock after buying an additional 835 shares during the quarter. Navellier & Associates Inc.’s holdings in Applied Industrial Technologies were worth $853,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Kestra Investment Management LLC bought a new stake in shares of Applied Industrial Technologies in the 4th quarter worth approximately $30,000. First Horizon Advisors Inc. lifted its position 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 buying an additional 88 shares during the period. Millburn Ridgefield Corp bought a new position in shares of Applied Industrial Technologies during the 3rd quarter worth approximately $84,000. Versant Capital Management Inc lifted its position in shares of Applied Industrial Technologies by 16.8% during the 4th quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company’s stock worth $91,000 after buying an additional 55 shares during the period. Finally, Values First Advisors Inc. bought a new position in shares of Applied Industrial Technologies during the 3rd quarter worth approximately $114,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Down 6.9 %

NYSE AIT opened at $245.73 on Friday. The stock has a fifty day moving average of $253.76 and a 200-day moving average of $239.52. The stock has a market capitalization of $9.43 billion, a P/E ratio of 24.90, a price-to-earnings-growth ratio of 3.37 and a beta of 1.08. Applied Industrial Technologies, Inc. has a 52 week low of $177.68 and a 52 week high of $282.98. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. On average, equities research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be paid a dividend of $0.46 per share. The ex-dividend date is Friday, February 14th. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.37. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.75%. Applied Industrial Technologies’s payout ratio is 18.64%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on AIT shares. Loop Capital raised their price target on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. Oppenheimer raised their price target on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. KeyCorp raised their price target on Applied Industrial Technologies from $275.00 to $325.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Bank of America raised Applied Industrial Technologies from a “neutral” rating to a “buy” rating and raised their price target for the company from $285.00 to $315.00 in a report on Tuesday, November 26th. Finally, StockNews.com cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $291.43.

Insider Buying and Selling

In related news, VP Warren E. Hoffner III sold 4,000 shares of Applied Industrial Technologies stock in a transaction on 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 completion of the sale, the vice president now directly owns 55,709 shares of the company’s stock, valued at $15,689,882.76. The trade was a 6.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mary Dean Hall sold 2,200 shares of Applied Industrial Technologies stock in a transaction dated 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 owns 3,462 shares in the company, valued at approximately $952,326.96. This represents a 38.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.67% of the stock is owned by insiders.

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.