Norges Bank Buys Shares of 419,459 Applied Industrial Technologies, Inc. (NYSE:AIT)

Norges Bank bought a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AITFree Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 419,459 shares of the industrial products company’s stock, valued at approximately $72,436,000. Norges Bank owned 1.08% of Applied Industrial Technologies at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Huntington National Bank grew its stake in shares of Applied Industrial Technologies by 963.2% in the 3rd quarter. Huntington National Bank now owns 202 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 183 shares during the last quarter. NBC Securities Inc. acquired a new position in shares of Applied Industrial Technologies in the third quarter worth about $40,000. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Applied Industrial Technologies in the fourth quarter worth about $54,000. GAMMA Investing LLC acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter worth approximately $86,000. Finally, Consolidated Planning Corp acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter worth approximately $209,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Jason W. Vasquez sold 650 shares of Applied Industrial Technologies stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $196.71, for a total value of $127,861.50. Following the completion of the sale, the vice president now directly owns 22,960 shares in the company, valued at $4,516,461.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AIT. Oppenheimer began coverage on shares of Applied Industrial Technologies in a report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price target 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 report on Thursday, April 11th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $201.00.

Read Our Latest Stock Report on Applied Industrial Technologies

Applied Industrial Technologies Price Performance

NYSE AIT opened at $195.72 on Monday. The company has a quick ratio of 2.70, a current ratio of 3.77 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $7.56 billion, a PE ratio of 20.52, a price-to-earnings-growth ratio of 2.03 and a beta of 1.10. The company has a 50 day moving average price of $192.40 and a two-hundred day moving average price of $180.89. Applied Industrial Technologies, Inc. has a 12-month low of $122.24 and a 12-month high of $201.76.

Applied Industrial Technologies (NYSE:AITGet Free Report) last posted its earnings results on Thursday, April 25th. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 8.36% and a return on equity of 23.69%. The company’s revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the company earned $2.38 earnings per share. As a group, equities analysts predict that Applied Industrial Technologies, Inc. will post 9.62 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Wednesday, May 15th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date of this dividend is Tuesday, May 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.51%.

Applied Industrial Technologies Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

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