Applied Industrial Technologies, Inc. (NYSE:AIT) Position Trimmed by Schonfeld Strategic Advisors LLC

Schonfeld Strategic Advisors LLC reduced its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 34.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,468 shares of the industrial products company's stock after selling 21,154 shares during the quarter. Schonfeld Strategic Advisors LLC owned 0.11% of Applied Industrial Technologies worth $9,691,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new stake in Applied Industrial Technologies in the 4th quarter valued at approximately $129,690,000. Price T Rowe Associates Inc. MD raised its position in shares of Applied Industrial Technologies by 199.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 309,617 shares of the industrial products company's stock worth $74,145,000 after buying an additional 206,220 shares during the period. First Trust Advisors LP grew its holdings in shares of Applied Industrial Technologies by 50.0% during the 4th quarter. First Trust Advisors LP now owns 404,784 shares of the industrial products company's stock worth $96,934,000 after purchasing an additional 134,975 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Applied Industrial Technologies in the fourth quarter worth $25,518,000. Finally, Invesco Ltd. boosted 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 worth $304,452,000 after buying an additional 85,270 shares during the period. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Price Performance

Shares of AIT traded down $3.21 during midday trading on Tuesday, reaching $220.90. The stock had a trading volume of 196,547 shares, compared to its average volume of 368,368. 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 firm's 50 day moving average price is $227.89 and its 200-day moving average price is $246.22. Applied Industrial Technologies, Inc. has a 52 week low of $181.35 and a 52 week high of $282.98. The company has a market capitalization of $8.48 billion, a P/E ratio of 22.38, a P/E/G ratio of 3.14 and a beta of 1.00.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business posted $2.48 earnings per share. The firm's quarterly revenue was up 1.8% compared to the same quarter last year. On average, 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 has authorized a stock repurchase program on Thursday, May 1st that permits the company to buyback 1,500,000 outstanding shares. This buyback authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 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 0.83%. The ex-dividend date of this dividend is Thursday, May 15th. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Analyst Ratings Changes

AIT has been the topic of several analyst reports. KeyCorp dropped their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. Robert W. Baird raised their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Loop Capital cut their price target on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a 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. Finally, StockNews.com downgraded Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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.