Zhang Financial LLC Cuts Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Zhang Financial LLC trimmed its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 7.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,293 shares of the industrial products company’s stock after selling 2,000 shares during the period. Zhang Financial LLC owned approximately 0.06% of Applied Industrial Technologies worth $4,195,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Raymond James & Associates increased its position in shares of Applied Industrial Technologies by 13.1% in the first quarter. Raymond James & Associates now owns 14,939 shares of the industrial products company’s stock worth $1,534,000 after acquiring an additional 1,726 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in Applied Industrial Technologies during the 1st quarter worth about $271,000. Citigroup Inc. lifted its position in Applied Industrial Technologies by 3.4% during the 1st quarter. Citigroup Inc. now owns 38,917 shares of the industrial products company’s stock valued at $3,995,000 after purchasing an additional 1,262 shares during the period. Bank of Montreal Can raised its position in shares of Applied Industrial Technologies by 35.6% in the 1st quarter. Bank of Montreal Can now owns 16,704 shares of the industrial products company’s stock valued at $1,702,000 after acquiring an additional 4,388 shares during the period. Finally, MetLife Investment Management LLC increased its stake in Applied Industrial Technologies by 53.9% during the 1st quarter. MetLife Investment Management LLC now owns 20,446 shares of the industrial products company’s stock worth $2,099,000 after purchasing an additional 7,164 shares in the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Warren E. Hoffner III sold 2,000 shares of Applied Industrial Technologies stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $182.34, for a total value of $364,680.00. Following the transaction, the vice president now directly owns 57,155 shares in the company, valued at approximately $10,421,642.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.20% of the stock is owned by corporate insiders.

Applied Industrial Technologies Stock Down 0.3 %

Applied Industrial Technologies stock traded down $0.62 during mid-day trading on Friday, hitting $183.37. The company had a trading volume of 95,128 shares, compared to its average volume of 334,172. The company has a market capitalization of $7.09 billion, a PE ratio of 19.31, a price-to-earnings-growth ratio of 1.94 and a beta of 1.08. The company has a current ratio of 3.74, a quick ratio of 2.59 and a debt-to-equity ratio of 0.36. Applied Industrial Technologies, Inc. has a 12 month low of $122.24 and a 12 month high of $201.76. The stock’s 50 day moving average price is $190.32 and its two-hundred day moving average price is $174.31.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, January 25th. The industrial products company reported $2.24 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.13. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the business posted $2.05 earnings per share. The business’s quarterly revenue was up 1.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.49 earnings per share for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Stockholders of record on Thursday, February 15th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 0.81%. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Wednesday, February 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.53%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Oppenheimer initiated coverage on Applied Industrial Technologies in a report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 target price for the company. KeyCorp increased their target price on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $201.00.

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.