Bank of New York Mellon Corp Raises Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Bank of New York Mellon Corp boosted its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 3.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 366,217 shares of the industrial products company’s stock after purchasing an additional 11,529 shares during the period. Bank of New York Mellon Corp’s holdings in Applied Industrial Technologies were worth $87,698,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in AIT. Kestra Investment Management LLC purchased a new position in Applied Industrial Technologies during the 4th quarter worth $30,000. First Horizon Advisors Inc. boosted its holdings in shares of Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 88 shares during the last quarter. Millburn Ridgefield Corp purchased a new stake in Applied Industrial Technologies in the third quarter valued at $84,000. Versant Capital Management Inc grew its stake 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 period. Finally, D Orazio & Associates Inc. acquired a new stake in Applied Industrial Technologies during the fourth quarter valued at $215,000. 93.52% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on AIT shares. StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Raymond James reaffirmed an “outperform” rating and issued a $265.00 target price (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 upped their price objective for the stock from $285.00 to $315.00 in a research report on Tuesday, November 26th. KeyCorp lifted their price objective on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Oppenheimer boosted their target price on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $291.43.

Applied Industrial Technologies Stock Up 2.5 %

Shares of NYSE:AIT opened at $250.79 on Monday. The stock has a market capitalization of $9.62 billion, a P/E ratio of 25.41, 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. Applied Industrial Technologies, Inc. has a 1 year low of $177.68 and a 1 year high of $282.98. The stock has a 50-day simple moving average of $253.61 and a 200-day simple moving average of $241.61.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 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%. Equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were paid a dividend of $0.46 per share. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.37. The ex-dividend date was Friday, February 14th. This represents a $1.84 annualized dividend and a yield of 0.73%. Applied Industrial Technologies’s payout ratio is presently 18.64%.

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.