Balyasny Asset Management L.P. Trims Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Balyasny Asset Management L.P. decreased its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 90.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,948 shares of the industrial products company's stock after selling 19,040 shares during the period. Balyasny Asset Management L.P.'s holdings in Applied Industrial Technologies were worth $466,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Larson Financial Group LLC raised its position in Applied Industrial Technologies by 5,900.0% in the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock valued at $29,000 after buying an additional 118 shares during the last quarter. Kestra Investment Management LLC bought a new stake in shares of Applied Industrial Technologies in the 4th quarter worth $30,000. SBI Securities Co. Ltd. purchased a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $44,000. Huntington National Bank lifted its position in shares of Applied Industrial Technologies by 33.8% during the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock valued at $45,000 after purchasing an additional 47 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in shares of Applied Industrial Technologies by 25.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock valued at $49,000 after purchasing an additional 41 shares in the last quarter. 93.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AIT has been the subject of several analyst reports. KeyCorp decreased their price objective on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. StockNews.com downgraded Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Robert W. Baird lifted their price target on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Raymond James restated an "outperform" rating and issued a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Finally, Loop Capital decreased their target price on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $285.00.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock traded down $1.14 during trading on Thursday, hitting $223.00. The stock had a trading volume of 25,838 shares, compared to its average volume of 307,045. The stock's 50 day moving average is $226.80 and its two-hundred day moving average is $245.70. Applied Industrial Technologies, Inc. has a 1 year low of $181.35 and a 1 year high of $282.98. The stock has a market cap of $8.49 billion, a price-to-earnings ratio of 22.60, a price-to-earnings-growth ratio of 3.14 and a beta of 1.00. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued 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. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. The business's revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.48 earnings per share. As a group, analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 15th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.84 dividend on an annualized basis and a yield of 0.83%. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Applied Industrial Technologies announced that its board has initiated a stock repurchase plan on Thursday, May 1st that allows the company to repurchase 1,500,000 outstanding shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

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.