Hsbc Holdings PLC Purchases 10,749 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Hsbc Holdings PLC increased its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 285.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,517 shares of the industrial products company's stock after purchasing an additional 10,749 shares during the quarter. Hsbc Holdings PLC's holdings in Applied Industrial Technologies were worth $3,479,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of AIT. Arizona State Retirement System lifted its holdings in Applied Industrial Technologies by 0.4% in the fourth 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 during the period. Parkside Financial Bank & Trust lifted its stake in shares of Applied Industrial Technologies by 25.3% in the 4th 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 during the period. OneAscent Financial Services LLC boosted its position in shares of Applied Industrial Technologies by 4.1% in the 4th quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock worth $249,000 after purchasing an additional 41 shares during the last quarter. Huntington National Bank grew its stake 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 worth $45,000 after purchasing an additional 47 shares during the period. Finally, Versant Capital Management Inc increased its holdings in Applied Industrial Technologies by 16.8% in the fourth quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company's stock valued at $91,000 after purchasing an additional 55 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Stock Down 0.4 %

AIT stock traded down $0.94 during trading hours on Friday, reaching $227.79. 723,005 shares of the stock were exchanged, compared to its average volume of 296,559. The firm's 50-day moving average is $228.31 and its 200-day moving average is $246.12. Applied Industrial Technologies, Inc. has a 12 month low of $181.35 and a 12 month high of $282.98. The company has a market cap of $8.74 billion, a price-to-earnings ratio of 23.08, a PEG ratio of 3.14 and a beta of 1.01. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55.

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 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 business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the firm earned $2.48 EPS. Applied Industrial Technologies's revenue for the quarter was up 1.8% compared to the same quarter last year. On average, equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The firm 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 $0.46 dividend. The ex-dividend date is Thursday, May 15th. This represents a $1.84 annualized dividend and a yield of 0.81%. Applied Industrial Technologies's payout ratio is currently 18.64%.

Applied Industrial Technologies declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 1st that authorizes the company to repurchase 1,500,000 shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have recently issued reports on AIT. KeyCorp decreased their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research report on Monday, March 17th. Loop Capital decreased their price objective on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a report on Thursday, April 17th. StockNews.com lowered shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Robert W. Baird boosted their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Finally, Raymond James reaffirmed an "outperform" rating and set a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday. Two research 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 has a consensus rating of "Moderate Buy" and a consensus price target of $285.00.

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.