Cibc World Markets Corp Takes Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Cibc World Markets Corp bought a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the fourth quarter, Holdings Channel reports. The institutional investor bought 3,599 shares of the industrial products company’s stock, valued at approximately $862,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Barclays PLC raised its holdings 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 purchasing an additional 45,224 shares during the period. Westfield Capital Management Co. LP acquired a new position in Applied Industrial Technologies during the 3rd quarter worth approximately $32,233,000. SBI Securities Co. Ltd. bought a new position in Applied Industrial Technologies in the fourth quarter worth approximately $44,000. Nordea Investment Management AB grew its stake in Applied Industrial Technologies by 5.0% in the fourth quarter. Nordea Investment Management AB now owns 202,050 shares of the industrial products company’s stock valued at $48,540,000 after acquiring an additional 9,667 shares during the period. Finally, Intech Investment Management LLC bought a new stake in shares of Applied Industrial Technologies during the third quarter valued at approximately $1,776,000. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $224.83 on Friday. Applied Industrial Technologies, Inc. has a 52 week low of $177.68 and a 52 week high of $282.98. The company’s 50 day moving average price is $248.92 and its two-hundred day moving average price is $243.65. The stock has a market cap of $8.63 billion, a P/E ratio of 22.78, a P/E/G ratio of 3.14 and a beta of 1.08. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, topping 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%. On average, equities analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s dividend payout ratio (DPR) is 18.64%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on AIT shares. Raymond James reiterated an “outperform” rating and issued a $265.00 target price (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Bank of America upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $285.00 to $315.00 in a report on Tuesday, November 26th. StockNews.com lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. KeyCorp cut their price target on Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. Finally, Robert W. Baird increased their price objective 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. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.