CIBC Asset Management Inc Has $289,000 Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

CIBC Asset Management Inc lifted its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 5.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,206 shares of the industrial products company’s stock after buying an additional 64 shares during the period. CIBC Asset Management Inc’s holdings in Applied Industrial Technologies were worth $289,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. First Horizon Advisors Inc. lifted its stake in Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 88 shares in the last quarter. Millburn Ridgefield Corp acquired a new position in shares of Applied Industrial Technologies in the 3rd quarter valued at about $84,000. Versant Capital Management Inc lifted its position in shares of Applied Industrial Technologies by 16.8% in the fourth quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company’s stock worth $91,000 after purchasing an additional 55 shares in the last quarter. Insight Folios Inc acquired a new stake in shares of Applied Industrial Technologies during the third quarter worth approximately $204,000. Finally, D Orazio & Associates Inc. acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter worth approximately $215,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Trading Down 0.1 %

Shares of AIT stock opened at $245.45 on Tuesday. The business’s 50 day moving average is $253.49 and its two-hundred day moving average is $240.19. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. Applied Industrial Technologies, Inc. has a 12 month low of $177.68 and a 12 month high of $282.98. The company has a market cap of $9.42 billion, a PE ratio of 24.87, a price-to-earnings-growth ratio of 3.37 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS 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%. Equities analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 0.75%. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s payout ratio is currently 18.64%.

Analysts Set New Price Targets

AIT has been the subject of a number of research analyst reports. Loop Capital increased their target price on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. StockNews.com lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. KeyCorp increased their price objective on Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Robert W. Baird lifted their target price on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Bank of America upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and increased their price target for the stock from $285.00 to $315.00 in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Applied Industrial Technologies has an average rating of “Moderate Buy” and a consensus price target of $291.43.

Insider Buying and Selling

In other news, Director Mary Dean Hall sold 2,200 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total transaction of $605,176.00. Following the transaction, the director now owns 3,462 shares in the company, valued at approximately $952,326.96. The trade was a 38.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Warren E. Hoffner III sold 4,000 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the transaction, the vice president now directly owns 55,709 shares of the company’s stock, valued at $15,689,882.76. This represents a 6.70 % decrease in their position. The disclosure for this sale can be found here. 1.67% of the stock is owned by insiders.

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.