VELA Investment Management LLC Sells 2,774 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

VELA Investment Management LLC trimmed its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 11.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 21,894 shares of the industrial products company’s stock after selling 2,774 shares during the period. Applied Industrial Technologies comprises about 1.5% of VELA Investment Management LLC’s portfolio, making the stock its 9th largest holding. VELA Investment Management LLC’s holdings in Applied Industrial Technologies were worth $5,243,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. 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 worth $49,000 after buying an additional 41 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of Applied Industrial Technologies by 16.8% during 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 last quarter. CIBC Asset Management Inc boosted its holdings in shares of Applied Industrial Technologies by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 1,206 shares of the industrial products company’s stock worth $289,000 after purchasing an additional 64 shares during the last quarter. Coldstream Capital Management Inc. boosted its holdings in shares of Applied Industrial Technologies by 3.7% during the 3rd quarter. Coldstream Capital Management Inc. now owns 1,924 shares of the industrial products company’s stock worth $429,000 after purchasing an additional 68 shares during the last quarter. Finally, Amalgamated Bank boosted its holdings in shares of Applied Industrial Technologies by 0.4% during the 4th quarter. Amalgamated Bank now owns 17,670 shares of the industrial products company’s stock worth $4,231,000 after purchasing an additional 71 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Oppenheimer boosted their target price on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. StockNews.com cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $285.00 to $315.00 in a report on Tuesday, November 26th. Raymond James restated 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 lifted 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. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and an average price target of $291.43.

Applied Industrial Technologies Stock Down 0.0 %

AIT stock opened at $244.98 on Friday. The firm has a market cap of $9.40 billion, a PE ratio of 24.82, a PEG ratio of 3.14 and a beta of 1.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. The firm’s 50 day moving average price is $253.40 and its 200-day moving average price is $240.61. Applied Industrial Technologies, Inc. has a one year low of $177.68 and a one year high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating 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%. On average, equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be given a $0.46 dividend. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a yield of 0.75%. Applied Industrial Technologies’s payout ratio is presently 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.