Deutsche Bank AG Has $15.80 Million Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Deutsche Bank AG trimmed its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 9.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,989 shares of the industrial products company’s stock after selling 7,170 shares during the quarter. Deutsche Bank AG owned approximately 0.17% of Applied Industrial Technologies worth $15,802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. Baird Financial Group Inc. raised its stake in shares of Applied Industrial Technologies by 2.5% in the 4th quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company’s stock valued at $380,000 after acquiring an additional 39 shares in the last quarter. Arizona State Retirement System raised its stake 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 in the last quarter. Parkside Financial Bank & Trust raised its stake in shares of Applied Industrial Technologies by 25.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company’s stock valued at $49,000 after acquiring an additional 41 shares in the last quarter. OneAscent Financial Services LLC raised its stake in shares of Applied Industrial Technologies by 4.1% in the 4th quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company’s stock valued at $249,000 after acquiring an additional 41 shares in the last quarter. Finally, Huntington National Bank raised its stake in shares of Applied Industrial Technologies by 33.8% in the 4th 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. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

Shares of NYSE AIT opened at $232.13 on Friday. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. The business’s 50 day moving average is $226.29 and its two-hundred day moving average is $245.78. The company has a market cap of $8.84 billion, a P/E ratio of 23.52, a P/E/G ratio of 3.14 and a beta of 1.00. Applied Industrial Technologies, Inc. has a 12 month low of $181.35 and a 12 month high of $282.98.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.17. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. Applied Industrial Technologies’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.48 earnings per share. On average, equities analysts expect 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 paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 0.79%. The ex-dividend date of this dividend is Thursday, May 15th. Applied Industrial Technologies’s dividend payout ratio is 18.47%.

Applied Industrial Technologies announced that its Board of Directors has approved a stock buyback plan on Thursday, May 1st that authorizes the company to repurchase 1,500,000 outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AIT. Raymond James reissued an “outperform” rating and issued a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Robert W. Baird raised their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. KeyCorp cut their price objective on 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. Loop Capital cut their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Finally, StockNews.com downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $285.00.

About Applied Industrial Technologies

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.