Bank of New York Mellon Corp Trims Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Bank of New York Mellon Corp reduced its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 4.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 348,838 shares of the industrial products company's stock after selling 17,379 shares during the period. Bank of New York Mellon Corp owned 0.91% of Applied Industrial Technologies worth $78,607,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Baird Financial Group Inc. grew its stake in Applied Industrial Technologies by 2.5% in the fourth quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company's stock worth $380,000 after purchasing an additional 39 shares in the last quarter. OneAscent Financial Services LLC lifted its holdings in shares of Applied Industrial Technologies by 4.1% in the 4th quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock worth $249,000 after buying an additional 41 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in shares of Applied Industrial Technologies by 51.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after buying an additional 44 shares in the last quarter. Huntington National Bank increased its stake in shares of Applied Industrial Technologies by 33.8% during the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock valued at $45,000 after buying an additional 47 shares during the period. Finally, First Horizon Advisors Inc. increased its stake in shares of Applied Industrial Technologies by 31.1% during the first quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock valued at $48,000 after buying an additional 51 shares during the period. 93.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on AIT shares. Loop Capital dropped 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 report on Thursday, April 17th. Raymond James Financial reissued an "outperform" rating and set a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. KeyCorp lowered their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a report on Monday, March 17th. Finally, Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $285.00.

Applied Industrial Technologies Stock Down 0.8%

AIT traded down $2.03 during trading on Friday, hitting $253.92. The stock had a trading volume of 344,991 shares, compared to its average volume of 347,922. The stock has a 50 day simple moving average of $231.65 and a two-hundred day simple moving average of $237.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57. Applied Industrial Technologies, Inc. has a twelve month low of $188.71 and a twelve month high of $282.98. The company has a market capitalization of $9.67 billion, a PE ratio of 25.49, a PEG ratio of 3.12 and a beta of 0.91.

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 EPS for the quarter, beating the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the business posted $2.48 EPS. The business's revenue for the quarter was up 1.8% compared to the same quarter last year. On average, research analysts predict 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, August 29th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.46 per share. The ex-dividend date is Friday, August 15th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.72%. Applied Industrial Technologies's payout ratio is 18.47%.

Applied Industrial Technologies announced that its board has approved a share repurchase 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. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

About Applied Industrial Technologies

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.