Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Boston Trust Walden Corp

Boston Trust Walden Corp cut its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 0.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 498,105 shares of the industrial products company's stock after selling 4,678 shares during the period. Applied Industrial Technologies comprises 0.8% of Boston Trust Walden Corp's holdings, making the stock its 26th largest holding. Boston Trust Walden Corp owned approximately 1.30% of Applied Industrial Technologies worth $112,243,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Invesco Ltd. increased its holdings in shares of Applied Industrial Technologies by 7.2% in the 4th quarter. Invesco Ltd. now owns 1,271,356 shares of the industrial products company's stock worth $304,452,000 after buying an additional 85,270 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Applied Industrial Technologies by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company's stock worth $254,182,000 after buying an additional 20,842 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Applied Industrial Technologies by 0.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 571,275 shares of the industrial products company's stock valued at $136,803,000 after purchasing an additional 1,958 shares during the last quarter. Norges Bank purchased a new stake in Applied Industrial Technologies in the 4th quarter worth about $129,690,000. Finally, Northern Trust Corp raised its position in Applied Industrial Technologies by 12.5% in the 4th quarter. Northern Trust Corp now owns 510,772 shares of the industrial products company's stock worth $122,315,000 after purchasing an additional 56,732 shares during the period. 93.52% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on AIT shares. Loop Capital reduced their price objective 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. Raymond James Financial reissued an "outperform" rating and issued a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. KeyCorp reduced 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 research report on Monday, March 17th. Finally, Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Sunday. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $285.00.

Applied Industrial Technologies Trading Up 0.4%

Applied Industrial Technologies stock traded up $0.81 during trading hours on Friday, hitting $226.99. The company had a trading volume of 494,585 shares, compared to its average volume of 312,511. The firm has a market cap of $8.64 billion, a P/E ratio of 22.79, a P/E/G ratio of 2.93 and a beta of 0.93. 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 1 year low of $182.21 and a 1 year high of $282.98. The company has a 50-day moving average price of $227.99 and a two-hundred day moving average price of $238.99.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings results 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. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The firm had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same quarter in the prior year, the company earned $2.48 EPS. The company's revenue was up 1.8% compared to the same quarter last year. On average, 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 disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were paid a $0.46 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.81%. Applied Industrial Technologies's payout ratio is currently 18.47%.

Applied Industrial Technologies announced that its board has approved a stock buyback plan on Thursday, May 1st that permits the company to buyback 1,500,000 outstanding shares. This buyback authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

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.