Los Angeles Capital Management LLC Trims Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Los Angeles Capital Management LLC cut its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 17.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,647 shares of the industrial products company’s stock after selling 6,900 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Applied Industrial Technologies were worth $5,638,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. FMR LLC grew its holdings in Applied Industrial Technologies by 38.5% in the 3rd quarter. FMR LLC now owns 1,625,565 shares of the industrial products company’s stock valued at $251,329,000 after buying an additional 451,876 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Applied Industrial Technologies by 96.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 425,295 shares of the industrial products company’s stock worth $65,755,000 after purchasing an additional 208,315 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Applied Industrial Technologies by 30.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 547,945 shares of the industrial products company’s stock valued at $84,718,000 after purchasing an additional 128,629 shares during the last quarter. Premier Fund Managers Ltd grew its stake in shares of Applied Industrial Technologies by 70.7% during the 3rd quarter. Premier Fund Managers Ltd now owns 241,600 shares of the industrial products company’s stock valued at $38,094,000 after buying an additional 100,100 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Applied Industrial Technologies by 15.0% during the 3rd quarter. Invesco Ltd. now owns 750,914 shares of the industrial products company’s stock worth $116,099,000 after buying an additional 98,144 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Analysts Set New Price Targets

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

Applied Industrial Technologies Stock Up 0.7 %

Shares of NYSE AIT opened at $185.98 on Monday. The stock has a fifty day moving average price of $189.50 and a 200 day moving average price of $176.49. The company has a current ratio of 3.77, a quick ratio of 2.70 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies, Inc. has a 12-month low of $122.24 and a 12-month high of $201.76. The company has a market cap of $7.18 billion, a P/E ratio of 19.49, a P/E/G ratio of 1.94 and a beta of 1.10.

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

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.80%. Applied Industrial Technologies’s dividend payout ratio is currently 15.51%.

About Applied Industrial Technologies

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.