Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Cynosure Group LLC

Cynosure Group LLC reduced its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 20.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,300 shares of the industrial products company’s stock after selling 327 shares during the quarter. Cynosure Group LLC’s holdings in Applied Industrial Technologies were worth $311,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Larson Financial Group LLC boosted its stake in Applied Industrial Technologies by 5,900.0% during the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 118 shares during the period. Kestra Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $30,000. SBI Securities Co. Ltd. acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter worth about $44,000. Huntington National Bank grew its holdings in shares of Applied Industrial Technologies by 33.8% during the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company’s stock worth $45,000 after buying an additional 47 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its position in Applied Industrial Technologies by 25.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company’s stock valued at $49,000 after acquiring an additional 41 shares during the period. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Trading Up 3.1 %

Shares of AIT opened at $236.62 on Thursday. The firm has a 50 day simple moving average of $245.04 and a 200-day simple moving average of $245.85. The stock has a market cap of $9.08 billion, a price-to-earnings ratio of 23.97, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55. Applied Industrial Technologies, Inc. has a 1-year low of $177.68 and a 1-year high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. Equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were paid a dividend of $0.46 per share. The ex-dividend date was Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.78%. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s dividend payout ratio is currently 18.64%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. KeyCorp decreased their price objective on Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. Robert W. Baird lifted their price objective on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Finally, Raymond James reaffirmed an “outperform” rating and issued a $265.00 target price (up previously from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Applied Industrial Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $284.29.

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.