Summit Investment Advisors Inc. Has $2.79 Million Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Summit Investment Advisors Inc. decreased its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 0.8% during the 4th quarter, HoldingsChannel reports. The fund owned 11,636 shares of the industrial products company’s stock after selling 90 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Applied Industrial Technologies were worth $2,786,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of AIT. Larson Financial Group LLC lifted its position in shares of Applied Industrial Technologies by 5,900.0% in the fourth 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 4th quarter worth about $30,000. SBI Securities Co. Ltd. acquired a new position in shares of Applied Industrial Technologies during the 4th quarter worth about $44,000. Huntington National Bank grew its holdings in shares of Applied Industrial Technologies by 33.8% in the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 47 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its position in shares of Applied Industrial Technologies by 25.3% in the fourth 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 during the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on AIT shares. Robert W. Baird increased their price target on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. StockNews.com cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. KeyCorp dropped their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Finally, Raymond James reissued 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 equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Applied Industrial Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $284.29.

Applied Industrial Technologies Stock Performance

Shares of AIT stock opened at $226.40 on Monday. Applied Industrial Technologies, Inc. has a 52 week low of $177.68 and a 52 week high of $282.98. The company has a market capitalization of $8.69 billion, a price-to-earnings ratio of 22.94, a PEG ratio of 3.14 and a beta of 1.01. The company has a 50-day simple moving average of $237.79 and a 200 day simple moving average of $245.78. 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 (NYSE:AIT) last released its quarterly earnings results 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%. On average, sell-side analysts predict 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 an increase 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 0.81%. 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.