Allianz Asset Management GmbH Lowers Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Allianz Asset Management GmbH reduced its position in Applied Industrial Technologies, Inc. (NYSE:AITFree Report) by 4.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,324 shares of the industrial products company’s stock after selling 2,205 shares during the period. Allianz Asset Management GmbH owned approximately 0.12% of Applied Industrial Technologies worth $7,827,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of AIT. Stifel Financial Corp lifted its position in Applied Industrial Technologies by 24.4% during the fourth quarter. Stifel Financial Corp now owns 34,551 shares of the industrial products company’s stock valued at $5,967,000 after buying an additional 6,775 shares in the last quarter. TD Asset Management Inc raised its stake in shares of Applied Industrial Technologies by 20.6% in the 4th quarter. TD Asset Management Inc now owns 17,000 shares of the industrial products company’s stock valued at $2,936,000 after acquiring an additional 2,900 shares during the period. Renaissance Group LLC lifted its holdings in shares of Applied Industrial Technologies by 6.3% during the 4th quarter. Renaissance Group LLC now owns 13,469 shares of the industrial products company’s stock valued at $2,329,000 after acquiring an additional 802 shares in the last quarter. Corient Private Wealth LLC boosted its position in Applied Industrial Technologies by 52.2% during the 4th quarter. Corient Private Wealth LLC now owns 3,803 shares of the industrial products company’s stock worth $657,000 after purchasing an additional 1,305 shares during the period. Finally, UBS Group AG increased its holdings in Applied Industrial Technologies by 153.5% in the 4th quarter. UBS Group AG now owns 36,735 shares of the industrial products company’s stock valued at $6,344,000 after purchasing an additional 22,242 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on AIT shares. Oppenheimer initiated 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 price target on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Applied Industrial Technologies presently has a consensus rating of “Buy” and an average target price of $201.00.

Check Out Our Latest Report on Applied Industrial Technologies

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Jason W. Vasquez sold 650 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $196.71, for a total value of $127,861.50. Following the transaction, the vice president now directly owns 22,960 shares in the company, valued at approximately $4,516,461.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.00% of the stock is owned by insiders.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $187.04 on Tuesday. The stock has a market cap of $7.22 billion, a P/E ratio of 19.61, a PEG ratio of 2.01 and a beta of 1.08. Applied Industrial Technologies, Inc. has a 1-year low of $126.56 and a 1-year high of $201.76. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.70. The firm has a 50-day moving average of $191.90 and a two-hundred day moving average of $182.16.

Applied Industrial Technologies (NYSE:AITGet Free Report) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.08. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period last year, the business earned $2.38 EPS. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, research analysts expect that Applied Industrial Technologies, Inc. will post 9.62 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Wednesday, May 15th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend was Tuesday, May 14th. Applied Industrial Technologies’s dividend payout ratio is presently 15.51%.

About Applied Industrial Technologies

(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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