Envestnet Asset Management Inc. Raises Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Envestnet Asset Management Inc. increased its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 1.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,281 shares of the industrial products company’s stock after buying an additional 485 shares during the quarter. Envestnet Asset Management Inc. owned 0.13% of Applied Industrial Technologies worth $12,041,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in AIT. Arizona State Retirement System increased its position in shares of Applied Industrial Technologies by 0.4% in the 4th quarter. Arizona State Retirement System now owns 11,156 shares of the industrial products company’s stock valued at $2,672,000 after acquiring an additional 40 shares during the period. Parkside Financial Bank & Trust increased its holdings in shares of Applied Industrial Technologies by 25.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company’s stock valued at $49,000 after purchasing an additional 41 shares during the period. OneAscent Financial Services LLC raised its stake in shares of Applied Industrial Technologies by 4.1% in the fourth quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company’s stock worth $249,000 after purchasing an additional 41 shares during the last quarter. Huntington National Bank lifted its holdings in shares of Applied Industrial Technologies by 33.8% during the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 47 shares during the period. Finally, Versant Capital Management Inc boosted its position in 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 valued at $91,000 after buying an additional 55 shares during the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on AIT. StockNews.com lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Raymond James reissued an “outperform” rating and set a $265.00 target price (up previously from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Robert W. Baird upped 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. Loop Capital reduced their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating for the company in a research note on Thursday. Finally, KeyCorp decreased their price objective on Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating for the company in a report 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. Based on data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $287.14.

Applied Industrial Technologies Trading Up 3.0 %

AIT stock opened at $221.94 on Friday. The firm has a market cap of $8.52 billion, a P/E ratio of 22.49, a PEG ratio of 3.14 and a beta of 1.01. The company’s 50-day simple moving average is $234.44 and its 200-day simple moving average is $245.46. 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 52-week low of $177.68 and a 52-week high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. As a group, equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were given a dividend of $0.46 per share. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.37. The ex-dividend date was Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a yield of 0.83%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 18.64%.

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.