Deutsche Bank AG Lowers Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Deutsche Bank AG cut its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 9.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 65,989 shares of the industrial products company's stock after selling 7,170 shares during the quarter. Deutsche Bank AG owned about 0.17% of Applied Industrial Technologies worth $15,802,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of AIT. Barclays PLC boosted its position in shares of Applied Industrial Technologies by 156.6% in the 3rd quarter. Barclays PLC now owns 74,109 shares of the industrial products company's stock worth $16,537,000 after buying an additional 45,224 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Applied Industrial Technologies in the 4th quarter worth $44,000. Mountain Pacific Investment Advisers LLC raised its position in Applied Industrial Technologies by 36.6% in the fourth quarter. Mountain Pacific Investment Advisers LLC now owns 46,155 shares of the industrial products company's stock valued at $11,053,000 after purchasing an additional 12,364 shares during the period. Stonegate Investment Group LLC increased its position in shares of Applied Industrial Technologies by 160.6% during the fourth quarter. Stonegate Investment Group LLC now owns 3,909 shares of the industrial products company's stock worth $936,000 after acquiring an additional 2,409 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in Applied Industrial Technologies by 34.6% in the fourth quarter. Van ECK Associates Corp now owns 34,054 shares of the industrial products company's stock valued at $8,155,000 after buying an additional 8,760 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Stock Down 1.4%

NYSE AIT traded down $3.27 during trading hours on Monday, hitting $232.89. 302,861 shares of the company traded hands, compared to its average volume of 307,555. The stock 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. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. The business's 50-day moving average is $226.47 and its 200-day moving average is $245.96. Applied Industrial Technologies, Inc. has a twelve month low of $181.35 and a twelve 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 the consensus estimate of $2.40 by $0.17. The business had revenue of $1.17 billion during the quarter, compared to analysts' expectations 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 revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.48 EPS. Sell-side analysts anticipate 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. Stockholders of record on Thursday, May 15th will be issued a dividend of $0.46 per share. The ex-dividend date is Thursday, May 15th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.79%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.47%.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Raymond James reaffirmed an "outperform" rating and set a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. StockNews.com lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Robert W. Baird increased 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 report on Thursday, January 30th. KeyCorp reduced their price objective on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. Finally, 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 research report on Thursday, April 17th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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.