Allspring Global Investments Holdings LLC Has $99.52 Million Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Allspring Global Investments Holdings LLC lessened its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 2.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 417,005 shares of the industrial products company’s stock after selling 11,985 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.08% of Applied Industrial Technologies worth $99,524,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new stake in Applied Industrial Technologies in the 3rd quarter valued at $34,000. First Horizon Advisors Inc. lifted its holdings in shares of Applied Industrial Technologies by 106.0% during the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock worth $38,000 after buying an additional 88 shares in the last quarter. Millburn Ridgefield Corp bought a new stake in shares of Applied Industrial Technologies in the third quarter valued at about $84,000. Versant Capital Management Inc grew its stake in shares of Applied Industrial Technologies by 16.8% in the fourth quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company’s stock valued at $91,000 after acquiring an additional 55 shares in the last quarter. Finally, Values First Advisors Inc. bought a new position in Applied Industrial Technologies during the third quarter worth about $114,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Insider Buying and Selling

In other news, Director Mary Dean Hall sold 2,200 shares of Applied Industrial Technologies stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total transaction of $605,176.00. Following the sale, the director now directly owns 3,462 shares of the company’s stock, valued at approximately $952,326.96. This trade represents a 38.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Warren E. Hoffner III sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total value of $1,126,560.00. Following the completion of the transaction, the vice president now directly owns 55,709 shares of the company’s stock, valued at $15,689,882.76. This represents a 6.70 % decrease in their position. The disclosure for this sale can be found here. 1.67% of the stock is owned by corporate insiders.

Applied Industrial Technologies Stock Down 1.0 %

NYSE AIT opened at $259.95 on Thursday. Applied Industrial Technologies, Inc. has a fifty-two week low of $177.68 and a fifty-two week high of $282.98. The business has a fifty day moving average price of $255.19 and a two-hundred day moving average price of $236.61. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55. The stock has a market capitalization of $9.98 billion, a PE ratio of 26.34, a PEG ratio of 3.43 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. Equities analysts expect that Applied Industrial Technologies, Inc. will post 9.87 earnings per share for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be issued a dividend of $0.46 per share. The ex-dividend date is Friday, February 14th. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.37. This represents a $1.84 annualized dividend and a dividend yield of 0.71%. Applied Industrial Technologies’s payout ratio is 14.99%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Loop Capital boosted their price objective on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, October 28th. Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. Mizuho began coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price objective on the stock. Oppenheimer lifted their price objective on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Finally, Raymond James reissued an “outperform” rating and set a $265.00 target price (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $291.43.

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.