Polar Asset Management Partners Inc. Reduces Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Polar Asset Management Partners Inc. lowered its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 26.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,500 shares of the industrial products company's stock after selling 15,300 shares during the quarter. Polar Asset Management Partners Inc. owned approximately 0.11% of Applied Industrial Technologies worth $10,177,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Baird Financial Group Inc. grew its position in shares of Applied Industrial Technologies by 2.5% during the fourth quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company's stock worth $380,000 after purchasing an additional 39 shares in the last quarter. Arizona State Retirement System grew its holdings in Applied Industrial Technologies by 0.4% during the 4th quarter. Arizona State Retirement System now owns 11,156 shares of the industrial products company's stock valued at $2,672,000 after buying an additional 40 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in Applied Industrial Technologies by 25.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock valued at $49,000 after buying an additional 41 shares in the last quarter. OneAscent Financial Services LLC lifted its position in Applied Industrial Technologies by 4.1% during the fourth quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock valued at $249,000 after purchasing an additional 41 shares during the last quarter. Finally, Huntington National Bank lifted its position in 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 during the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Trading Down 1.2%

AIT stock traded down $2.87 during trading on Tuesday, hitting $230.42. The company had a trading volume of 94,739 shares, compared to its average volume of 306,721. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. The company has a 50 day simple moving average of $226.61 and a 200-day simple moving average of $245.96. The firm has a market capitalization of $8.78 billion, a P/E ratio of 23.35, a PEG ratio of 3.14 and a beta of 1.00. Applied Industrial Technologies, Inc. has a 52-week low of $181.35 and a 52-week high of $282.98.

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 analysts' consensus estimates of $2.40 by $0.17. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. The company had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same period last year, the business posted $2.48 earnings per share. The firm's revenue was up 1.8% compared to the same quarter last year. As a group, research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies announced that its Board of Directors has approved a stock buyback program on Thursday, May 1st that permits the company to buyback 1,500,000 shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Applied Industrial Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Thursday, May 15th will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 0.80%. The ex-dividend date is Thursday, May 15th. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. StockNews.com cut Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. KeyCorp dropped their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a report on Monday, March 17th. Robert W. Baird lifted their target price on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Loop Capital dropped their target price on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Finally, Raymond James reiterated an "outperform" rating and issued a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $285.00.

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.