State of Tennessee Department of Treasury Has $3.78 Million Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

State of Tennessee Department of Treasury decreased its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 2.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,764 shares of the industrial products company’s stock after selling 444 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Applied Industrial Technologies were worth $3,775,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. TD Waterhouse Canada Inc. bought a new stake in Applied Industrial Technologies during the 4th quarter worth approximately $440,000. Tower Research Capital LLC TRC grew its stake in shares of Applied Industrial Technologies by 315.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,393 shares of the industrial products company’s stock worth $813,000 after purchasing an additional 2,576 shares during the last quarter. MetLife Investment Management LLC increased its holdings in Applied Industrial Technologies by 7.3% in the fourth quarter. MetLife Investment Management LLC now owns 43,972 shares of the industrial products company’s stock valued at $10,530,000 after purchasing an additional 3,004 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in Applied Industrial Technologies during the 4th quarter worth $517,000. Finally, Curi RMB Capital LLC lifted its holdings in Applied Industrial Technologies by 0.9% during the 4th quarter. Curi RMB Capital LLC now owns 83,161 shares of the industrial products company’s stock worth $19,915,000 after buying an additional 769 shares during the period. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $238.61 on Friday. The firm has a market capitalization of $9.16 billion, a P/E ratio of 24.18, a P/E/G ratio of 3.14 and a beta of 1.01. The firm’s 50-day moving average price is $230.05 and its 200-day moving average price is $245.88. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32. Applied Industrial Technologies, Inc. has a 1-year low of $180.35 and a 1-year high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share 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%. Equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were given a $0.46 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.84 annualized dividend and a yield of 0.77%. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 18.64%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Raymond James restated an “outperform” rating and set a $265.00 price objective (up from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. KeyCorp dropped their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Robert W. Baird increased their price objective on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an “outperform” rating 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. Finally, Loop Capital cut their price target on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $287.14.

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.