Millennium Management LLC Sells 56,487 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Millennium Management LLC lowered its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 30.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 131,495 shares of the industrial products company's stock after selling 56,487 shares during the quarter. Millennium Management LLC owned 0.34% of Applied Industrial Technologies worth $31,489,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the business. Larson Financial Group LLC grew its holdings in Applied Industrial Technologies by 5,900.0% during the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock worth $29,000 after acquiring an additional 118 shares during the last quarter. Kestra Investment Management LLC bought a new stake in shares of Applied Industrial Technologies in the fourth quarter worth $30,000. SBI Securities Co. Ltd. bought a new stake in shares of Applied Industrial Technologies in the fourth quarter worth $44,000. Huntington National Bank increased its holdings in Applied Industrial Technologies by 33.8% in the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock valued at $45,000 after purchasing an additional 47 shares during the period. Finally, Parkside Financial Bank & Trust raised its position in Applied Industrial Technologies by 25.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock worth $49,000 after purchasing an additional 41 shares during the last quarter. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Stock Down 0.5%

Shares of NYSE AIT traded down $1.07 during trading on Thursday, hitting $223.07. 320,079 shares of the company traded hands, compared to its average volume of 308,184. The firm has a market capitalization of $8.50 billion, a price-to-earnings ratio of 22.60, a P/E/G ratio of 3.14 and a beta of 1.00. The business's fifty day moving average is $226.80 and its 200 day moving average is $245.70. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. Applied Industrial Technologies, Inc. has a fifty-two week low of $181.35 and a fifty-two week high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, beating 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 period in the previous year, the company posted $2.48 EPS. The firm's revenue was up 1.8% compared to the same quarter last year. Equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies declared that its Board of Directors has initiated a share repurchase program on Thursday, May 1st that permits the company to repurchase 1,500,000 outstanding shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed 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 of this dividend is Thursday, May 15th. This represents a $1.84 annualized dividend and a dividend yield of 0.82%. Applied Industrial Technologies's dividend payout ratio is 18.47%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on AIT shares. Raymond James reiterated an "outperform" rating and issued a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Robert W. Baird boosted their target price on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Loop Capital decreased their price target on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Wall Street Zen lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Finally, KeyCorp cut their target price on 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. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $285.00.

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.