Intrust Bank NA Makes New $296,000 Investment in Applied Industrial Technologies, Inc. (NYSE:AIT)

Intrust Bank NA acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 1,238 shares of the industrial products company’s stock, valued at approximately $296,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Larson Financial Group LLC increased its holdings in Applied Industrial Technologies by 5,900.0% during the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 118 shares in the last quarter. Kestra Investment Management LLC bought a new stake in Applied Industrial Technologies during the fourth quarter worth $30,000. SBI Securities Co. Ltd. purchased a new stake in Applied Industrial Technologies in the 4th quarter valued at $44,000. Parkside Financial Bank & Trust lifted its stake in Applied Industrial Technologies by 25.3% during 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. Finally, Millburn Ridgefield Corp bought a new position in Applied Industrial Technologies during the 3rd quarter valued at $84,000. 93.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AIT has been the topic of a number of recent analyst reports. StockNews.com lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. KeyCorp lowered their target price 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. Robert W. Baird increased their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $265.00 price objective (up previously from $250.00) on shares of Applied Industrial Technologies in a research report 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $284.29.

Applied Industrial Technologies Price Performance

AIT opened at $225.57 on Monday. The firm has a 50-day moving average price of $246.85 and a 200-day moving average price of $245.57. Applied Industrial Technologies, Inc. has a twelve month low of $177.68 and a twelve 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 company has a market capitalization of $8.66 billion, a price-to-earnings ratio of 22.85, a PEG ratio of 3.14 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. Equities analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were given a $0.46 dividend. The ex-dividend date was Friday, February 14th. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.37. This represents a $1.84 annualized dividend and a dividend yield of 0.82%. Applied Industrial Technologies’s payout ratio is 18.64%.

Applied Industrial Technologies Company 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.