Los Angeles Capital Management LLC Reduces Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Los Angeles Capital Management LLC reduced its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 17.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,647 shares of the industrial products company’s stock after selling 6,900 shares during the period. Los Angeles Capital Management LLC owned approximately 0.08% of Applied Industrial Technologies worth $5,638,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AIT. First Trust Direct Indexing L.P. grew its holdings in Applied Industrial Technologies by 14.8% in the 4th quarter. First Trust Direct Indexing L.P. now owns 1,734 shares of the industrial products company’s stock valued at $299,000 after buying an additional 224 shares in the last quarter. Penobscot Investment Management Company Inc. grew its holdings in shares of Applied Industrial Technologies by 18.2% in the fourth quarter. Penobscot Investment Management Company Inc. now owns 3,700 shares of the industrial products company’s stock valued at $639,000 after purchasing an additional 570 shares during the period. Van ECK Associates Corp increased its position in Applied Industrial Technologies by 44.1% during the fourth quarter. Van ECK Associates Corp now owns 11,181 shares of the industrial products company’s stock worth $1,931,000 after purchasing an additional 3,424 shares during the last quarter. Consolidated Planning Corp purchased a new position in Applied Industrial Technologies during the fourth quarter worth about $209,000. Finally, Truist Financial Corp boosted its holdings in Applied Industrial Technologies by 120.5% in the 4th quarter. Truist Financial Corp now owns 3,673 shares of the industrial products company’s stock valued at $634,000 after purchasing an additional 2,007 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $185.98 on Monday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.70. The company has a market cap of $7.18 billion, a price-to-earnings ratio of 19.49, a price-to-earnings-growth ratio of 1.94 and a beta of 1.10. The stock’s 50-day moving average is $189.50 and its two-hundred day moving average is $176.49. Applied Industrial Technologies, Inc. has a 1-year low of $122.24 and a 1-year high of $201.76.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.08. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.13 billion. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.38 earnings per share. Analysts forecast that Applied Industrial Technologies, Inc. will post 9.6 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be issued a $0.37 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.80%. Applied Industrial Technologies’s payout ratio is 15.51%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on AIT shares. KeyCorp lifted their price target on shares of 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 assumed coverage on shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $201.00.

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.