Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by ArrowMark Colorado Holdings LLC

ArrowMark Colorado Holdings LLC decreased its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 36.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 175,074 shares of the industrial products company’s stock after selling 102,261 shares during the period. ArrowMark Colorado Holdings LLC’s holdings in Applied Industrial Technologies were worth $41,925,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Larson Financial Group LLC boosted its stake in shares of Applied Industrial Technologies by 5,900.0% in the fourth quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 118 shares during the period. Kestra Investment Management LLC acquired a new position in Applied Industrial Technologies in the 4th quarter worth $30,000. SBI Securities Co. Ltd. purchased a new position in Applied Industrial Technologies in the 4th quarter valued at about $44,000. Huntington National Bank grew its stake 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 valued at $45,000 after acquiring an additional 47 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its position in shares of Applied Industrial Technologies by 25.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company’s stock worth $49,000 after acquiring an additional 41 shares during the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Down 0.4 %

Shares of NYSE:AIT opened at $227.79 on Friday. The company’s fifty day moving average is $228.31 and its two-hundred day moving average is $246.12. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. Applied Industrial Technologies, Inc. has a 1-year low of $181.35 and a 1-year high of $282.98. The stock has a market capitalization of $8.74 billion, a price-to-earnings ratio of 23.08, a price-to-earnings-growth ratio of 3.14 and a beta of 1.01.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 earnings per share 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 prior year, the business earned $2.48 earnings per share. Applied Industrial Technologies’s quarterly revenue was up 1.8% on a year-over-year basis. Equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Thursday, May 15th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 0.81%. The ex-dividend date is Thursday, May 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is 18.64%.

Applied Industrial Technologies announced that its Board of Directors has authorized a stock buyback program on Thursday, May 1st that authorizes the company to repurchase 1,500,000 outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently commented on AIT shares. Raymond James reissued an “outperform” rating and issued a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday. Loop Capital decreased their price target on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. KeyCorp cut 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 report on Monday, March 17th. Robert W. Baird raised their price objective on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, StockNews.com lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Two 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 presently has an average rating of “Moderate Buy” and a consensus target price of $285.00.

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.