NewEdge Advisors LLC Has $659,000 Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

NewEdge Advisors LLC raised its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 835.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,751 shares of the industrial products company's stock after buying an additional 2,457 shares during the quarter. NewEdge Advisors LLC's holdings in Applied Industrial Technologies were worth $659,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in AIT. Invesco Ltd. lifted its position in Applied Industrial Technologies by 7.2% in the 4th quarter. Invesco Ltd. now owns 1,271,356 shares of the industrial products company's stock worth $304,452,000 after buying an additional 85,270 shares in the last quarter. Geode Capital Management LLC grew its stake in 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 in the last quarter. Charles Schwab Investment Management Inc. increased its position in Applied Industrial Technologies by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 571,275 shares of the industrial products company's stock worth $136,803,000 after purchasing an additional 1,958 shares during the last quarter. Norges Bank acquired a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at about $129,690,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Applied Industrial Technologies by 3.3% in the 4th quarter. Bank of New York Mellon Corp now owns 366,217 shares of the industrial products company's stock valued at $87,698,000 after buying an additional 11,529 shares in the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Price Performance

AIT traded up $0.70 during midday trading on Wednesday, reaching $243.07. 600,294 shares of the company's stock were exchanged, compared to its average volume of 293,684. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. The business has a 50-day simple moving average of $229.10 and a two-hundred day simple moving average of $246.13. The firm has a market capitalization of $9.33 billion, a price-to-earnings ratio of 24.63, a price-to-earnings-growth ratio of 3.14 and a beta of 1.01. Applied Industrial Technologies, Inc. has a one year low of $180.35 and a one year high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. As a group, research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Analyst Ratings Changes

AIT has been the subject of a number of analyst reports. KeyCorp reduced their price target on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research report on Monday, March 17th. Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Loop Capital reduced their price objective on shares of 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. Raymond James reiterated an "outperform" rating and issued a $265.00 target price (up previously from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Finally, StockNews.com cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $287.14.

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.