Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. cut its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 3.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,518 shares of the industrial products company’s stock after selling 704 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Applied Industrial Technologies were worth $3,025,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fox Run Management L.L.C. acquired a new stake in Applied Industrial Technologies during the third quarter worth about $336,000. Measured Wealth Private Client Group LLC increased its stake in Applied Industrial Technologies by 7.0% during the third quarter. Measured Wealth Private Client Group LLC now owns 4,707 shares of the industrial products company’s stock worth $728,000 after acquiring an additional 307 shares during the last quarter. Los Angeles Capital Management LLC increased its stake in Applied Industrial Technologies by 0.9% during the third quarter. Los Angeles Capital Management LLC now owns 39,547 shares of the industrial products company’s stock worth $6,114,000 after acquiring an additional 364 shares during the last quarter. Illinois Municipal Retirement Fund increased its stake in Applied Industrial Technologies by 494.2% during the third quarter. Illinois Municipal Retirement Fund now owns 26,013 shares of the industrial products company’s stock worth $4,022,000 after acquiring an additional 21,635 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Applied Industrial Technologies by 96.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 425,295 shares of the industrial products company’s stock worth $65,755,000 after acquiring an additional 208,315 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insider Activity at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 2,000 shares of the 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 completion of the transaction, the vice president now owns 57,155 shares of the company’s stock, valued at $10,421,642.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by company insiders.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $184.27 on Thursday. 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 $190.32 and a 200-day moving average of $174.24. 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 $7.13 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 2.00 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, January 25th. The industrial products company reported $2.24 EPS for the quarter, beating analysts’ consensus estimates of $2.11 by $0.13. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. Applied Industrial Technologies’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.05 earnings per share. 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 issued a $0.37 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $1.48 dividend on an annualized basis and a yield of 0.80%. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.35. Applied Industrial Technologies’s dividend payout ratio is currently 15.53%.

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.