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

TimesSquare Capital Management LLC cut its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 14.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 78,215 shares of the industrial products company's stock after selling 13,100 shares during the period. TimesSquare Capital Management LLC owned approximately 0.20% of Applied Industrial Technologies worth $17,625,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of AIT. Invesco Ltd. boosted its stake in shares of Applied Industrial Technologies by 7.2% during the 4th quarter. Invesco Ltd. now owns 1,271,356 shares of the industrial products company's stock valued at $304,452,000 after buying an additional 85,270 shares during the period. Geode Capital Management LLC increased its position in 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 purchasing an additional 20,842 shares during the last quarter. Norges Bank acquired a new position in Applied Industrial Technologies in the 4th quarter worth about $129,690,000. Northern Trust Corp increased 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 last quarter. Finally, Alyeska Investment Group L.P. increased its position in Applied Industrial Technologies by 7.7% in the 4th quarter. Alyeska Investment Group L.P. now owns 471,333 shares of the industrial products company's stock worth $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.

Analysts Set New Price Targets

Several research analysts have weighed in on AIT shares. Loop Capital dropped their target price 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. Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Finally, Raymond James Financial reissued an "outperform" rating and set a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $285.00.

Applied Industrial Technologies Stock Down 0.1%

Shares of NYSE AIT traded down $0.25 during mid-day trading on Wednesday, reaching $254.16. 78,584 shares of the company traded hands, compared to its average volume of 347,516. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57. The stock has a market cap of $9.68 billion, a PE ratio of 25.50, a price-to-earnings-growth ratio of 3.13 and a beta of 0.91. The company's fifty day moving average is $232.98 and its two-hundred day moving average is $237.74. Applied Industrial Technologies, Inc. has a fifty-two week low of $188.71 and a fifty-two week high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the company earned $2.48 EPS. The firm's revenue for the quarter was up 1.8% compared to the same quarter last year. On average, analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies announced that its Board of Directors has authorized a stock repurchase plan on Thursday, May 1st that allows the company to buyback 1,500,000 shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Applied Industrial Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $0.46 per share. The ex-dividend date is Friday, August 15th. This represents a $1.84 annualized dividend and a yield of 0.72%. Applied Industrial Technologies's payout ratio is 18.47%.

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.