Polar Asset Management Partners Inc. Cuts Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Polar Asset Management Partners Inc. decreased its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 26.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 42,500 shares of the industrial products company's stock after selling 15,300 shares during the quarter. Polar Asset Management Partners Inc. owned about 0.11% of Applied Industrial Technologies worth $10,177,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in Applied Industrial Technologies by 156.6% during the third quarter. Barclays PLC now owns 74,109 shares of the industrial products company's stock worth $16,537,000 after acquiring an additional 45,224 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Applied Industrial Technologies in the 4th quarter valued at approximately $44,000. Stonegate Investment Group LLC lifted its stake in Applied Industrial Technologies by 160.6% in the 4th quarter. Stonegate Investment Group LLC now owns 3,909 shares of the industrial products company's stock valued at $936,000 after acquiring an additional 2,409 shares in the last quarter. Van ECK Associates Corp boosted its position in Applied Industrial Technologies by 34.6% during the 4th quarter. Van ECK Associates Corp now owns 34,054 shares of the industrial products company's stock worth $8,155,000 after acquiring an additional 8,760 shares during the last quarter. Finally, HighTower Advisors LLC lifted its position in shares of Applied Industrial Technologies by 13.0% in the fourth quarter. HighTower Advisors LLC now owns 4,463 shares of the industrial products company's stock worth $1,069,000 after purchasing an additional 513 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on AIT. KeyCorp cut their price target 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. Raymond James reiterated an "outperform" rating and set a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. 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 research note on Thursday, April 17th. Finally, Robert W. Baird boosted their price target 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. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $285.00.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock traded down $1.14 during mid-day trading on Friday, hitting $226.29. 105,981 shares of the company's stock traded hands, compared to its average volume of 308,761. The stock has a market cap of $8.62 billion, a price-to-earnings ratio of 22.91, 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 current ratio of 3.76 and a quick ratio of 2.55. The firm has a 50 day simple moving average of $226.46 and a two-hundred day simple moving average of $244.36. 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 earnings per share 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 company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the firm earned $2.48 earnings per share. Applied Industrial Technologies's revenue for the quarter was up 1.8% on a year-over-year basis. On average, research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Thursday, May 15th will be given a $0.46 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.84 annualized dividend and a yield of 0.81%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.47%.

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