Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. lessened its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 12.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 49,073 shares of the industrial products company’s stock after selling 6,946 shares during the period. Russell Investments Group Ltd. owned 0.13% of Applied Industrial Technologies worth $8,498,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Huntington National Bank raised its holdings in shares of Applied Industrial Technologies by 963.2% in the 3rd quarter. Huntington National Bank now owns 202 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 183 shares in the last quarter. NBC Securities Inc. acquired a new stake in shares of Applied Industrial Technologies during the 3rd quarter valued at $40,000. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Applied Industrial Technologies in the 4th quarter worth $54,000. GAMMA Investing LLC acquired a new position in shares of Applied Industrial Technologies in the 4th quarter worth $86,000. Finally, Fifth Third Bancorp raised its position in shares of Applied Industrial Technologies by 580.1% during the third quarter. Fifth Third Bancorp now owns 1,367 shares of the industrial products company’s stock worth $211,000 after purchasing an additional 1,166 shares during the period. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Performance

AIT stock opened at $189.75 on Tuesday. The firm has a 50 day simple moving average of $189.54 and a 200 day simple moving average of $176.73. Applied Industrial Technologies, Inc. has a 52 week low of $122.24 and a 52 week high of $201.76. The stock has a market cap of $7.32 billion, a P/E ratio of 19.89, a P/E/G ratio of 1.94 and a beta of 1.10. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.70 and a current ratio of 3.77.

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

Applied Industrial Technologies Announces Dividend

The firm also recently declared 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 is Tuesday, May 14th. This represents a $1.48 annualized dividend and a dividend yield of 0.78%. Applied Industrial Technologies’s dividend payout ratio (DPR) is 15.51%.

Analyst Ratings Changes

A number of research firms have recently issued reports on AIT. Oppenheimer started coverage on shares of Applied Industrial Technologies in a report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price target on the stock. KeyCorp increased 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. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $201.00.

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.