Woodline Partners LP Decreases Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Woodline Partners LP cut its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 21.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,109 shares of the industrial products company's stock after selling 11,740 shares during the period. Woodline Partners LP owned approximately 0.11% of Applied Industrial Technologies worth $10,084,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Larson Financial Group LLC boosted its holdings in 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 worth $29,000 after purchasing an additional 118 shares during the last quarter. Kestra Investment Management LLC bought a new position in shares of Applied Industrial Technologies during the 4th quarter valued at $30,000. SBI Securities Co. Ltd. purchased a new position in shares of Applied Industrial Technologies in the 4th quarter worth $44,000. Huntington National Bank grew its holdings in shares of Applied Industrial Technologies by 33.8% in the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after acquiring an additional 47 shares during the period. Finally, Parkside Financial Bank & Trust increased its position in Applied Industrial Technologies by 25.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock valued at $49,000 after acquiring an additional 41 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AIT. Robert W. Baird raised their target price on 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 dropped their price objective 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. Raymond James restated an "outperform" rating and set a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Finally, 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 report on Thursday, April 17th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $285.00.

Applied Industrial Technologies Price Performance

Shares of AIT traded up $7.23 during mid-day trading on Tuesday, reaching $230.04. The stock had a trading volume of 201,185 shares, compared to its average volume of 376,846. The business has a fifty day moving average of $226.55 and a 200 day moving average of $244.92. 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 firm has a market cap of $8.76 billion, a price-to-earnings ratio of 23.31, a PEG ratio of 3.14 and a beta of 1.00. 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 results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business 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. Applied Industrial Technologies's revenue for the quarter was up 1.8% compared to the same quarter last year. Equities analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 15th will be paid a $0.46 dividend. The ex-dividend date is Thursday, May 15th. This represents a $1.84 annualized dividend and a yield of 0.80%. Applied Industrial Technologies's payout ratio is 18.47%.

Applied Industrial Technologies declared that its Board of Directors has authorized a share buyback 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. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

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.