BNP Paribas Financial Markets Sells 6,961 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

BNP Paribas Financial Markets decreased its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 33.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,817 shares of the industrial products company's stock after selling 6,961 shares during the quarter. BNP Paribas Financial Markets' holdings in Applied Industrial Technologies were worth $3,309,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Barclays PLC lifted its stake in Applied Industrial Technologies by 156.6% during the third quarter. Barclays PLC now owns 74,109 shares of the industrial products company's stock valued at $16,537,000 after buying an additional 45,224 shares in the last quarter. Park Avenue Securities LLC boosted its stake in Applied Industrial Technologies by 29.7% in the 4th quarter. Park Avenue Securities LLC now owns 1,411 shares of the industrial products company's stock worth $338,000 after purchasing an additional 323 shares during the period. Mountain Pacific Investment Advisers LLC grew its position in Applied Industrial Technologies by 36.6% during the 4th quarter. Mountain Pacific Investment Advisers LLC now owns 46,155 shares of the industrial products company's stock worth $11,053,000 after purchasing an additional 12,364 shares in the last quarter. Sheets Smith Wealth Management raised its stake in Applied Industrial Technologies by 3.2% during the 4th quarter. Sheets Smith Wealth Management now owns 5,067 shares of the industrial products company's stock valued at $1,213,000 after purchasing an additional 155 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Applied Industrial Technologies by 12.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 4,925 shares of the industrial products company's stock valued at $1,180,000 after purchasing an additional 529 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Stock Performance

Shares of NYSE:AIT traded down $3.27 during trading on Monday, reaching $232.89. The stock had a trading volume of 302,861 shares, compared to its average volume of 307,555. The stock has a fifty day simple moving average of $226.47 and a two-hundred day simple moving average of $245.96. 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, Inc. has a 52 week low of $181.35 and a 52 week high of $282.98. The firm has a market capitalization of $8.87 billion, a price-to-earnings ratio of 23.60, a P/E/G ratio of 3.14 and a beta of 1.00.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, topping the consensus estimate of $2.40 by $0.17. The firm had revenue of $1.17 billion for 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%. The business's quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.48 EPS. As a group, analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

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 paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.84 annualized dividend and a yield of 0.79%. Applied Industrial Technologies's payout ratio is 18.47%.

Applied Industrial Technologies declared that its Board of Directors has approved a stock buyback program on Thursday, May 1st that allows the company to repurchase 1,500,000 outstanding shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

AIT has been the subject of a number of research reports. StockNews.com lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Raymond James reiterated 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. 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. Loop Capital cut their price objective 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, KeyCorp lowered their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Applied Industrial Technologies has an average rating of "Moderate Buy" and an average 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.