Allspring Global Investments Holdings LLC Sells 11,985 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Allspring Global Investments Holdings LLC lessened its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 2.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 417,005 shares of the industrial products company’s stock after selling 11,985 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Applied Industrial Technologies were worth $99,524,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new position in shares of Applied Industrial Technologies in the third quarter worth approximately $34,000. First Horizon Advisors Inc. increased its position in Applied Industrial Technologies by 106.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 88 shares during the period. Millburn Ridgefield Corp bought a new position in Applied Industrial Technologies during the 3rd quarter worth approximately $84,000. Versant Capital Management Inc lifted its position in shares of Applied Industrial Technologies by 16.8% in the 4th quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company’s stock worth $91,000 after purchasing an additional 55 shares during the period. Finally, Values First Advisors Inc. bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at $114,000. Institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Down 1.0 %

Shares of NYSE:AIT opened at $259.95 on Thursday. 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 52-week low of $177.68 and a 52-week high of $282.98. The business’s 50 day simple moving average is $255.19 and its two-hundred day simple moving average is $236.61. The firm has a market cap of $9.98 billion, a P/E ratio of 26.34, a PEG ratio of 3.43 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last issued its 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, research analysts forecast that Applied Industrial Technologies, Inc. will post 9.87 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.46 per share. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.37. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend is Friday, February 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 14.99%.

Insider Transactions at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total value of $1,126,560.00. Following the transaction, the vice president now owns 55,709 shares in the company, valued at $15,689,882.76. This trade represents a 6.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Dean Hall sold 2,200 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total value of $605,176.00. Following the sale, the director now owns 3,462 shares of the company’s stock, valued at $952,326.96. This trade represents a 38.86 % decrease in their position. The disclosure for this sale can be found here. 1.67% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AIT. KeyCorp lifted their target price on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Raymond James reissued an “outperform” rating and issued a $265.00 price objective (up from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. Bank of America raised Applied Industrial Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. Mizuho started coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 target price for the company. Finally, Robert W. Baird boosted their price target 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. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Applied Industrial Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $291.43.

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.