Capital World Investors Sells 486 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Capital World Investors cut its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 0.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 311,309 shares of the industrial products company’s stock after selling 486 shares during the quarter. Capital World Investors’ holdings in Applied Industrial Technologies were worth $74,549,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Norges Bank bought a new position in shares of Applied Industrial Technologies in the 4th quarter worth $129,690,000. First Trust Advisors LP grew its position in shares of Applied Industrial Technologies by 50.0% during the 4th quarter. First Trust Advisors LP now owns 404,784 shares of the industrial products company’s stock worth $96,934,000 after buying an additional 134,975 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Applied Industrial Technologies in the 4th quarter valued at about $25,518,000. Invesco Ltd. raised its position in shares of Applied Industrial Technologies by 7.2% in the 4th quarter. Invesco Ltd. now owns 1,271,356 shares of the industrial products company’s stock valued at $304,452,000 after acquiring an additional 85,270 shares during the period. Finally, Rockefeller Capital Management L.P. bought a new position in Applied Industrial Technologies during the 4th quarter worth approximately $16,933,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Analyst Ratings Changes

AIT has been the topic of several analyst reports. 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. StockNews.com cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Loop Capital cut their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. Robert W. Baird increased their target price 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. Finally, KeyCorp cut 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 note on Monday, March 17th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Applied Industrial Technologies has an average rating of “Moderate Buy” and a consensus price target of $287.14.

Applied Industrial Technologies Price Performance

Shares of AIT opened at $214.36 on Tuesday. The company has a 50 day moving average of $232.72 and a 200-day moving average of $245.73. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $8.23 billion, a P/E ratio of 21.72, a P/E/G ratio of 3.14 and a beta of 1.01. Applied Industrial Technologies, Inc. has a twelve month low of $177.68 and a twelve month high of $282.98.

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

Applied Industrial Technologies Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 0.86%. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, February 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 18.64%.

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.