Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB trimmed its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 4.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 226,423 shares of the industrial products company’s stock after selling 10,000 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.59% of Applied Industrial Technologies worth $39,101,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. FinTrust Capital Advisors LLC purchased a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at $25,000. Huntington National Bank grew its position in shares of Applied Industrial Technologies by 963.2% in the third quarter. Huntington National Bank now owns 202 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 183 shares during the period. Point72 Middle East FZE purchased a new stake in Applied Industrial Technologies during the fourth quarter valued at about $28,000. State of Wyoming purchased a new stake in Applied Industrial Technologies during the fourth quarter valued at about $29,000. Finally, NBC Securities Inc. purchased a new stake in Applied Industrial Technologies during the third quarter valued at about $40,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $183.45 on Monday. Applied Industrial Technologies, Inc. has a 1-year low of $122.24 and a 1-year high of $201.76. The business has a 50-day moving average of $190.23 and a 200-day moving average of $174.79. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.74 and a quick ratio of 2.59. The company has a market capitalization of $7.09 billion, a price-to-earnings ratio of 19.25, a PEG ratio of 1.93 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, January 25th. The industrial products company reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.13. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the business earned $2.05 earnings per share. The company’s revenue was up 1.6% compared to the same quarter last year. On average, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.49 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 15th were paid a $0.37 dividend. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $1.48 annualized dividend and a dividend yield of 0.81%. Applied Industrial Technologies’s payout ratio is 15.53%.

Insider Buying and Selling

In related news, VP Warren E. Hoffner III sold 2,000 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $182.34, for a total value of $364,680.00. Following the transaction, the vice president now owns 57,155 shares in the company, valued at $10,421,642.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on AIT shares. KeyCorp boosted their price target on Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Oppenheimer started coverage on Applied Industrial Technologies in a research report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $201.00.

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.