Lazard Asset Management LLC Grows Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Lazard Asset Management LLC raised its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 953.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,766 shares of the industrial products company's stock after buying an additional 15,174 shares during the period. Lazard Asset Management LLC's holdings in Applied Industrial Technologies were worth $4,014,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Barclays PLC raised its position 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 valued at $16,537,000 after purchasing an additional 45,224 shares in the last quarter. Park Avenue Securities LLC boosted its position in Applied Industrial Technologies by 29.7% during the fourth quarter. Park Avenue Securities LLC now owns 1,411 shares of the industrial products company's stock valued at $338,000 after buying an additional 323 shares during the period. Mountain Pacific Investment Advisers LLC grew its stake in shares of Applied Industrial Technologies by 36.6% during the fourth quarter. Mountain Pacific Investment Advisers LLC now owns 46,155 shares of the industrial products company's stock valued at $11,053,000 after buying an additional 12,364 shares during the last quarter. Sheets Smith Wealth Management increased its holdings in shares of Applied Industrial Technologies by 3.2% in the fourth quarter. Sheets Smith Wealth Management now owns 5,067 shares of the industrial products company's stock worth $1,213,000 after buying an additional 155 shares during the period. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Applied Industrial Technologies by 12.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 4,925 shares of the industrial products company's stock valued at $1,180,000 after acquiring an additional 529 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Stock Performance

Shares of AIT traded down $3.27 on Monday, reaching $232.89. The company's stock had a trading volume of 302,861 shares, compared to its average volume of 307,555. Applied Industrial Technologies, Inc. has a 12-month low of $181.35 and a 12-month high of $282.98. The stock has a market capitalization of $8.87 billion, a P/E ratio of 23.60, a PEG 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 stock's 50 day simple moving average is $226.47 and its two-hundred day simple moving average is $245.96.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its 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. 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 analysts' expectations of $1.17 billion. During the same period last year, the firm earned $2.48 EPS. Applied Industrial Technologies's revenue for the quarter was up 1.8% compared to the same quarter last year. Research analysts forecast 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 authorized a share buyback program on Thursday, May 1st that authorizes the company to buyback 1,500,000 shares. This buyback authorization authorizes 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 board believes its shares are undervalued.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 15th will be paid a $0.46 dividend. The ex-dividend date is Thursday, May 15th. This represents a $1.84 annualized dividend and a yield of 0.79%. Applied Industrial Technologies's payout ratio is 18.47%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Loop Capital dropped their target price on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Raymond James restated an "outperform" rating and issued a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. StockNews.com cut Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Robert W. Baird raised their price target 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. Finally, KeyCorp reduced their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $285.00.

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.