Pinebridge Investments L.P. Boosts Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Pinebridge Investments L.P. increased its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 42.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 10,646 shares of the industrial products company's stock after buying an additional 3,185 shares during the period. Pinebridge Investments L.P.'s holdings in Applied Industrial Technologies were worth $2,549,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of AIT. Norges Bank bought a new position in Applied Industrial Technologies in the 4th quarter worth $129,690,000. Price T Rowe Associates Inc. MD lifted its stake in Applied Industrial Technologies by 199.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 309,617 shares of the industrial products company's stock worth $74,145,000 after purchasing an additional 206,220 shares in the last quarter. First Trust Advisors LP lifted its stake in Applied Industrial Technologies by 50.0% in the 4th quarter. First Trust Advisors LP now owns 404,784 shares of the industrial products company's stock worth $96,934,000 after purchasing an additional 134,975 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Applied Industrial Technologies in the 4th quarter worth $25,518,000. Finally, Invesco Ltd. lifted its stake in 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 worth $304,452,000 after purchasing an additional 85,270 shares in the last quarter. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Stock Down 6.0 %

NYSE:AIT traded down $14.63 during mid-day trading on Thursday, hitting $228.65. 699,338 shares of the company's stock traded hands, compared to its average volume of 294,931. The company has a fifty day moving average of $229.04 and a 200 day moving average of $246.11. Applied Industrial Technologies, Inc. has a twelve month low of $180.35 and a twelve month high of $282.98. The company has a market capitalization of $8.78 billion, a P/E ratio of 23.17, a P/E/G ratio of 3.14 and a beta of 1.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. During the same quarter last year, the company posted $2.48 EPS. The firm's quarterly revenue was up 1.8% on a year-over-year basis. On average, analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 15th will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 0.80%. Applied Industrial Technologies's payout ratio is presently 18.64%.

Wall Street Analyst Weigh In

AIT has been the topic of several research analyst reports. Loop Capital decreased 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 note on Thursday, April 17th. StockNews.com cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. KeyCorp decreased their target price 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 upped their target price on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Finally, Raymond James reissued an "outperform" rating and issued a $265.00 price objective (up from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, Applied Industrial Technologies currently has an average rating of "Moderate Buy" and an average target price of $287.14.

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.