Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets decreased its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 33.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its holdings in shares of 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 acquired a new position in shares of Applied Industrial Technologies in the 4th quarter valued at $30,000. SBI Securities Co. Ltd. purchased a new position in shares of Applied Industrial Technologies during the 4th quarter worth $44,000. Huntington National Bank increased its position in shares of Applied Industrial Technologies by 33.8% during the 4th 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 last quarter. Finally, Parkside Financial Bank & Trust lifted its position in 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 buying an additional 41 shares during the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Performance

Shares of NYSE AIT traded down $4.24 during midday trading on Wednesday, reaching $225.18. 15,018 shares of the company were exchanged, compared to its average volume of 307,061. The stock has a market cap of $8.58 billion, a P/E ratio of 22.81, a PEG ratio of 3.14 and a beta of 1.00. Applied Industrial Technologies, Inc. has a 1 year low of $181.35 and a 1 year high of $282.98. The stock has a fifty day simple moving average of $226.82 and a 200 day simple moving average of $245.85. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32.

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 for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the business posted $2.48 EPS. The company's revenue was up 1.8% on a year-over-year basis. On average, research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

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

Applied Industrial Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Thursday, May 15th will be issued 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 0.82%. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Robert W. Baird boosted their target price on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Loop Capital cut 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 research note on Thursday, April 17th. KeyCorp lowered 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. Raymond James restated an "outperform" rating and issued a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Finally, StockNews.com cut 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 assigned a buy rating to the stock. According to MarketBeat.com, Applied Industrial Technologies currently has an average rating of "Moderate Buy" and a consensus price target 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.