Raymond James & Associates Boosts Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Raymond James & Associates raised its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 55.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,265 shares of the industrial products company's stock after purchasing an additional 7,235 shares during the period. Raymond James & Associates owned 0.05% of Applied Industrial Technologies worth $3,500,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in AIT. FinTrust Capital Advisors LLC bought a new stake in shares of Applied Industrial Technologies during the fourth quarter valued at approximately $25,000. Point72 Middle East FZE bought a new stake in shares of Applied Industrial Technologies during the fourth quarter valued at approximately $28,000. State of Wyoming bought a new stake in shares of Applied Industrial Technologies during the fourth quarter valued at approximately $29,000. Huntington National Bank increased its position in shares of Applied Industrial Technologies by 963.2% during the third quarter. Huntington National Bank now owns 202 shares of the industrial products company's stock valued at $31,000 after acquiring an additional 183 shares in the last quarter. Finally, NBC Securities Inc. bought a new stake in shares of Applied Industrial Technologies during the third quarter valued at approximately $40,000. Institutional investors own 93.52% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on AIT. KeyCorp raised their price target on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the company an "overweight" rating in a research report on Thursday. Oppenheimer began coverage on shares of Applied Industrial Technologies in a research report on Tuesday, April 2nd. They set an "outperform" rating and a $235.00 price target for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Industrial Technologies currently has an average rating of "Buy" and a consensus price target of $201.00.

Insider Transactions at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 2,000 shares of Applied Industrial Technologies stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total transaction of $364,680.00. Following the transaction, the vice president now owns 57,155 shares in the company, valued at approximately $10,421,642.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.20% of the company's stock.

Applied Industrial Technologies Stock Performance

NYSE:AIT traded down $1.64 during trading hours on Friday, reaching $191.09. The company had a trading volume of 210,567 shares, compared to its average volume of 641,620. The company has a current ratio of 3.74, a quick ratio of 2.59 and a debt-to-equity ratio of 0.36. Applied Industrial Technologies, Inc. has a 52 week low of $122.24 and a 52 week high of $201.76. The firm has a market cap of $7.39 billion, a price-to-earnings ratio of 20.05, a PEG ratio of 2.03 and a beta of 1.08. The firm's 50 day moving average price is $189.96 and its 200-day moving average price is $173.46.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its earnings results on Thursday, January 25th. The industrial products company reported $2.24 EPS for the quarter, topping analysts' consensus estimates of $2.11 by $0.13. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the previous year, the firm posted $2.05 EPS. The firm's revenue was up 1.6% on a year-over-year basis. On average, analysts forecast that Applied Industrial Technologies, Inc. will post 9.49 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 29th. Stockholders of record on Thursday, February 15th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 0.77%. The ex-dividend date was Wednesday, February 14th. This is a boost from Applied Industrial Technologies's previous quarterly dividend of $0.35. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 15.53%.

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.