DekaBank Deutsche Girozentrale Sells 1,428 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

DekaBank Deutsche Girozentrale reduced its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 13.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,383 shares of the industrial products company’s stock after selling 1,428 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Applied Industrial Technologies were worth $1,606,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AIT. Raymond James & Associates raised its holdings in Applied Industrial Technologies by 13.1% during the 1st quarter. Raymond James & Associates now owns 14,939 shares of the industrial products company’s stock worth $1,534,000 after purchasing an additional 1,726 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Applied Industrial Technologies in the 1st quarter valued at about $271,000. Citigroup Inc. increased its stake in shares of Applied Industrial Technologies by 3.4% in the 1st quarter. Citigroup Inc. now owns 38,917 shares of the industrial products company’s stock valued at $3,995,000 after acquiring an additional 1,262 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Applied Industrial Technologies by 35.6% in the 1st quarter. Bank of Montreal Can now owns 16,704 shares of the industrial products company’s stock valued at $1,702,000 after acquiring an additional 4,388 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Applied Industrial Technologies by 53.9% in the 1st quarter. MetLife Investment Management LLC now owns 20,446 shares of the industrial products company’s stock valued at $2,099,000 after acquiring an additional 7,164 shares during the last quarter. 93.52% of the stock is owned by institutional investors.

Insider Transactions at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total transaction of $364,680.00. Following the completion of the transaction, the vice president now directly owns 57,155 shares of the company’s stock, valued at approximately $10,421,642.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.20% of the company’s stock.

Applied Industrial Technologies Trading Down 0.9 %

NYSE:AIT opened at $191.09 on Friday. The company has a market cap of $7.39 billion, a P/E ratio of 20.05, a price-to-earnings-growth ratio of 2.03 and a beta of 1.08. Applied Industrial Technologies, Inc. has a twelve month low of $122.24 and a twelve month high of $201.76. The business has a 50 day moving average price of $189.96 and a two-hundred day moving average price of $173.46. The company has a quick ratio of 2.59, a current ratio of 3.74 and a debt-to-equity ratio of 0.36.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly 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. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The business’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period last year, the business earned $2.05 EPS. As a group, analysts expect 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. Stockholders of record on Thursday, February 15th were paid a dividend of $0.37 per share. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 0.77%. The ex-dividend date of this dividend was Wednesday, February 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 15.53%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. KeyCorp upped their price target on Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday. Oppenheimer assumed coverage on Applied Industrial Technologies in a research report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently 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.