TimesSquare Capital Management LLC Sells 13,100 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

TimesSquare Capital Management LLC trimmed its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 14.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 78,215 shares of the industrial products company's stock after selling 13,100 shares during the quarter. TimesSquare Capital Management LLC owned about 0.20% of Applied Industrial Technologies worth $17,625,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Invesco Ltd. grew its position in shares of Applied Industrial Technologies by 7.2% in the fourth quarter. Invesco Ltd. now owns 1,271,356 shares of the industrial products company's stock valued at $304,452,000 after purchasing an additional 85,270 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Applied Industrial Technologies by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company's stock valued at $254,182,000 after purchasing an additional 20,842 shares during the last quarter. Norges Bank acquired a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $129,690,000. Northern Trust Corp grew its position in shares of Applied Industrial Technologies by 12.5% in the fourth quarter. Northern Trust Corp now owns 510,772 shares of the industrial products company's stock valued at $122,315,000 after purchasing an additional 56,732 shares during the last quarter. Finally, Alyeska Investment Group L.P. grew its position in shares of Applied Industrial Technologies by 7.7% in the fourth quarter. Alyeska Investment Group L.P. now owns 471,333 shares of the industrial products company's stock valued at $112,870,000 after purchasing an additional 33,842 shares during the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

AIT has been the topic of several research analyst reports. Loop Capital lowered their price target on 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 reiterated an "outperform" rating and issued a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Finally, Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $285.00.

Applied Industrial Technologies Stock Performance

Shares of NYSE AIT traded down $1.53 during mid-day trading on Friday, hitting $260.41. The company had a trading volume of 176,708 shares, compared to its average volume of 347,078. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51. The business's 50-day simple moving average is $233.77 and its 200-day simple moving average is $237.86. Applied Industrial Technologies, Inc. has a 12 month low of $188.71 and a 12 month high of $282.98. The firm has a market cap of $9.92 billion, a P/E ratio of 26.14, a PEG ratio of 3.11 and a beta of 0.91.

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 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.17. The firm had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The company's revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.48 earnings per share. As a group, analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is 18.47%.

Applied Industrial Technologies declared that its Board of Directors has approved a share repurchase program on Thursday, May 1st that allows the company to buyback 1,500,000 shares. This buyback authorization allows 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 leadership 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.