Guggenheim Capital LLC Lowers Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Guggenheim Capital LLC lowered its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 72.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,943 shares of the industrial products company's stock after selling 5,205 shares during the period. Guggenheim Capital LLC's holdings in Applied Industrial Technologies were worth $465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Applied Industrial Technologies Stock Performance

AIT traded down $1.37 on Friday, reaching $227.36. The company had a trading volume of 228,582 shares, compared to its average volume of 363,835. The stock has a 50-day moving average price of $228.71 and a 200-day moving average price of $246.11. The stock has a market capitalization of $8.73 billion, a PE ratio of 23.03, a P/E/G ratio of 3.14 and a beta of 1.01. Applied Industrial Technologies, Inc. has a 1 year low of $181.35 and a 1 year high of $282.98. 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 released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, beating the consensus estimate of $2.40 by $0.17. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. Applied Industrial Technologies's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.48 EPS. As a group, research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Thursday, May 15th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.81%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.64%.

Applied Industrial Technologies declared that its board has authorized a stock repurchase program on Thursday, May 1st that authorizes the company to buyback 1,500,000 shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

AIT has been the subject of several research reports. Raymond James reaffirmed an "outperform" rating and issued a $265.00 target price (up from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. Loop Capital reduced their target price on shares of 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 boosted their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. KeyCorp reduced 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 report on Monday, March 17th. Finally, StockNews.com cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $287.14.

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.