Applied Industrial Technologies, Inc. (NYSE:AIT) Stock Position Decreased by ProShare Advisors LLC

ProShare Advisors LLC trimmed its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 9.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 40,861 shares of the industrial products company’s stock after selling 4,221 shares during the period. ProShare Advisors LLC’s holdings in Applied Industrial Technologies were worth $9,785,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of AIT. Nomura Holdings Inc. purchased a new position in Applied Industrial Technologies in the 4th quarter worth about $1,219,000. Maven Securities LTD acquired a new position in shares of Applied Industrial Technologies in the fourth quarter worth about $381,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Applied Industrial Technologies by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,892 shares of the industrial products company’s stock worth $5,242,000 after acquiring an additional 848 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Applied Industrial Technologies by 953.1% in the fourth quarter. Lazard Asset Management LLC now owns 16,766 shares of the industrial products company’s stock worth $4,014,000 after acquiring an additional 15,174 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter valued at approximately $327,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Trading Up 1.7%

Applied Industrial Technologies stock opened at $236.01 on Friday. Applied Industrial Technologies, Inc. has a 12 month low of $181.35 and a 12 month high of $282.98. 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 stock has a market cap of $8.99 billion, a P/E ratio of 23.91, a P/E/G ratio of 3.14 and a beta of 1.00. The company’s fifty day simple moving average is $226.47 and its 200-day simple moving average is $245.86.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.17. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the company posted $2.48 earnings per share. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company 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. The ex-dividend date is Thursday, May 15th. This represents a $1.84 annualized dividend and a dividend yield of 0.78%. Applied Industrial Technologies’s payout ratio is 18.47%.

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

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Raymond James reaffirmed an “outperform” rating and issued a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Loop Capital decreased their target price on 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. Robert W. Baird lifted their price target on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. StockNews.com downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. 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 research 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 stock. Based on data from MarketBeat.com, Applied Industrial Technologies 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.