Russell Investments Group Ltd. Has $8.50 Million Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Russell Investments Group Ltd. lessened its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 12.4% during the 4th quarter, HoldingsChannel reports. The firm owned 49,073 shares of the industrial products company’s stock after selling 6,946 shares during the period. Russell Investments Group Ltd.’s holdings in Applied Industrial Technologies were worth $8,498,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of AIT. FMR LLC lifted its stake in Applied Industrial Technologies by 38.5% in the third quarter. FMR LLC now owns 1,625,565 shares of the industrial products company’s stock valued at $251,329,000 after buying an additional 451,876 shares in the last quarter. Invesco Ltd. lifted its position in Applied Industrial Technologies by 15.0% in the 3rd quarter. Invesco Ltd. now owns 750,914 shares of the industrial products company’s stock valued at $116,099,000 after acquiring an additional 98,144 shares in the last quarter. Boston Trust Walden Corp lifted its position in Applied Industrial Technologies by 5.4% in the 4th quarter. Boston Trust Walden Corp now owns 625,452 shares of the industrial products company’s stock valued at $108,009,000 after acquiring an additional 32,282 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Applied Industrial Technologies by 30.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 547,945 shares of the industrial products company’s stock worth $84,718,000 after purchasing an additional 128,629 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in Applied Industrial Technologies by 19.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 508,880 shares of the industrial products company’s stock worth $87,879,000 after purchasing an additional 83,585 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Trading Up 2.0 %

Applied Industrial Technologies stock opened at $189.75 on Tuesday. The company has a market cap of $7.32 billion, a price-to-earnings ratio of 19.89, a P/E/G ratio of 1.94 and a beta of 1.10. The firm has a 50-day moving average of $189.54 and a 200-day moving average of $176.73. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.70. Applied Industrial Technologies, Inc. has a one year low of $122.24 and a one year high of $201.76.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $2.48 EPS for the quarter, beating the consensus estimate of $2.40 by $0.08. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. 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 posted $2.38 earnings per share. On average, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.6 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 0.78%. The ex-dividend date is Tuesday, May 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 15.51%.

Wall Street Analysts Forecast Growth

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