NEOS Investment Management LLC Buys 3,306 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

NEOS Investment Management LLC grew its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 10.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,930 shares of the industrial products company’s stock after acquiring an additional 3,306 shares during the period. NEOS Investment Management LLC’s holdings in Applied Industrial Technologies were worth $8,125,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC grew its holdings in Applied Industrial Technologies by 5,900.0% in the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company’s stock valued at $29,000 after buying an additional 118 shares in the last quarter. Kestra Investment Management LLC bought a new position in Applied Industrial Technologies during the fourth quarter worth about $30,000. SBI Securities Co. Ltd. acquired a new stake in Applied Industrial Technologies in the 4th quarter worth about $44,000. Parkside Financial Bank & Trust boosted its holdings in 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 purchasing an additional 41 shares during the period. Finally, Millburn Ridgefield Corp acquired a new position in shares of Applied Industrial Technologies during the 3rd quarter worth approximately $84,000. Institutional investors own 93.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AIT shares. KeyCorp dropped their price target on shares of 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. StockNews.com cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Raymond James reissued an “outperform” rating and set a $265.00 target price (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $284.29.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $233.16 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 stock has a market capitalization of $8.95 billion, a P/E ratio of 23.62, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08. The stock has a fifty day moving average of $247.93 and a 200-day moving average of $244.79.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. On average, sell-side analysts expect that Applied Industrial Technologies, Inc. will post 9.9 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 Friday, February 28th. Investors of record on Friday, February 14th were paid a $0.46 dividend. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.84 annualized dividend and a yield of 0.79%. Applied Industrial Technologies’s dividend payout ratio is presently 18.64%.

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.