Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Acquired by Bank of America Corp DE

Bank of America Corp DE raised its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 8.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 257,568 shares of the industrial products company's stock after purchasing an additional 19,304 shares during the quarter. Bank of America Corp DE owned 0.67% of Applied Industrial Technologies worth $61,680,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in AIT. Arizona State Retirement System lifted 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 boosted its holdings in shares of Applied Industrial Technologies by 25.3% in 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 during the period. OneAscent Financial Services LLC grew its stake in Applied Industrial Technologies by 4.1% in the fourth 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 in the last quarter. Huntington National Bank grew its stake 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 worth $45,000 after purchasing an additional 47 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in Applied Industrial Technologies by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 1,206 shares of the industrial products company's stock worth $289,000 after purchasing an additional 64 shares during the period. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Stock Up 1.7%

NYSE:AIT traded up $3.89 during mid-day trading on Friday, hitting $236.01. 313,300 shares of the company's stock traded hands, compared to its average volume of 306,254. The company has a fifty day moving average of $226.29 and a 200 day moving average of $245.78. 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, Inc. has a twelve month low of $181.35 and a twelve month high of $282.98. The company has a market capitalization of $8.99 billion, a P/E ratio of 23.91, a P/E/G ratio of 3.14 and a beta of 1.00.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the firm earned $2.48 EPS. Applied Industrial Technologies's revenue was up 1.8% compared to the same quarter last year. On average, analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

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

Applied Industrial Technologies Announces Dividend

The firm also recently announced 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. 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 0.78%. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Raymond James restated an "outperform" rating and set a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. KeyCorp reduced their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a report on Monday, March 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. Robert W. Baird increased their price objective on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Finally, Loop Capital reduced 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 research note on Thursday, April 17th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $285.00.

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.