Brown Advisory Inc. lessened its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 4.8% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 382,762 shares of the industrial products company's stock after selling 19,179 shares during the period. Brown Advisory Inc. owned 1.00% of Applied Industrial Technologies worth $91,660,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the business. Baird Financial Group Inc. lifted its position in 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 valued at $380,000 after purchasing an additional 39 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Applied Industrial Technologies by 8.1% during the 4th quarter. Bank of America Corp DE now owns 257,568 shares of the industrial products company's stock worth $61,680,000 after acquiring an additional 19,304 shares during the last quarter. Algert Global LLC grew its position in Applied Industrial Technologies by 52.7% in the fourth quarter. Algert Global LLC now owns 47,547 shares of the industrial products company's stock worth $11,386,000 after acquiring an additional 16,401 shares in the last quarter. Alyeska Investment Group L.P. increased its stake in Applied Industrial Technologies by 7.7% in the fourth quarter. Alyeska Investment Group L.P. now owns 471,333 shares of the industrial products company's stock valued at $112,870,000 after acquiring an additional 33,842 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec purchased a new stake in Applied Industrial Technologies during the fourth quarter valued at about $4,929,000. Institutional investors own 93.52% of the company's stock.
Applied Industrial Technologies Stock Performance
Shares of NYSE:AIT opened at $227.79 on Monday. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average price of $228.31 and a 200-day moving average price of $246.28. The company has a market cap of $8.74 billion, a price-to-earnings ratio of 23.08, a price-to-earnings-growth ratio of 3.14 and a beta of 1.01. Applied Industrial Technologies, Inc. has a 12 month low of $181.35 and a 12 month high of $282.98.
Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.17. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. The business's quarterly revenue was up 1.8% compared to the same quarter last year. During the same period last year, the company earned $2.48 EPS. As a group, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.
Applied Industrial Technologies declared that its board has initiated a share buyback program on Thursday, May 1st that authorizes the company to repurchase 1,500,000 shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.
Applied Industrial Technologies Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 15th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.84 annualized dividend and a yield of 0.81%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.64%.
Analysts Set New Price Targets
Several equities analysts have recently commented on AIT shares. StockNews.com lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Loop Capital decreased their price target 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 reduced their target price on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Robert W. Baird boosted their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Finally, Raymond James restated an "outperform" rating and set a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, Applied Industrial Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $285.00.
Check Out Our Latest Research Report on AIT
Applied Industrial Technologies Profile
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Free Report)
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.
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