Wilkinson Global Asset Management LLC Makes New Investment in Applied Industrial Technologies, Inc. (NYSE:AIT)

Wilkinson Global Asset Management LLC purchased a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 4,840 shares of the industrial products company’s stock, valued at approximately $1,159,000.

Several other institutional investors also recently made changes to their positions in AIT. Kestra Investment Management LLC acquired a new stake in Applied Industrial Technologies during the 4th quarter worth approximately $30,000. V Square Quantitative Management LLC acquired a new stake in shares of Applied Industrial Technologies in the third quarter worth $34,000. First Horizon Advisors Inc. raised its stake in shares of Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 88 shares during the period. Millburn Ridgefield Corp purchased a new position in shares of Applied Industrial Technologies in the 3rd quarter valued at $84,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Applied Industrial Technologies by 16.8% during the 4th 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. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Up 1.5 %

Shares of NYSE:AIT opened at $269.40 on Wednesday. The firm has a market cap of $10.34 billion, a PE ratio of 27.29, a price-to-earnings-growth ratio of 3.43 and a beta of 1.08. The company has a fifty day simple moving average of $254.29 and a 200 day simple moving average of $237.99. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32. Applied Industrial Technologies, Inc. has a 12-month low of $177.68 and a 12-month high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results 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 net margin of 8.62% and a return on equity of 22.37%. On average, equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.87 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend is Friday, February 14th. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 18.64%.

Insider Activity

In other news, VP Warren E. Hoffner III sold 4,000 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now directly owns 55,709 shares in the company, valued at approximately $15,689,882.76. This trade represents a 6.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mary Dean Hall sold 2,200 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were 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 represents a 38.86 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.67% of the company’s stock.

Analyst Upgrades and Downgrades

AIT has been the topic of several research reports. Robert W. Baird raised their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. KeyCorp raised their target price on Applied Industrial Technologies from $275.00 to $325.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Oppenheimer upped their price target on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Loop Capital lifted their price objective on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, Mizuho initiated coverage on shares of Applied Industrial Technologies in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 target price on the stock. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.