Comerica Bank cut its holdings in shares of Applied Industrial Technologies (NYSE:AIT) by 2.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 56,212 shares of the industrial products company’s stock after selling 1,340 shares during the period. Comerica Bank’s holdings in Applied Industrial Technologies were worth $3,316,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Strs Ohio raised its holdings in Applied Industrial Technologies by 15.8% during the fourth quarter. Strs Ohio now owns 58,500 shares of the industrial products company’s stock valued at $3,155,000 after acquiring an additional 8,000 shares during the period. Arizona State Retirement System raised its holdings in Applied Industrial Technologies by 6.3% during the fourth quarter. Arizona State Retirement System now owns 59,682 shares of the industrial products company’s stock valued at $3,219,000 after acquiring an additional 3,512 shares during the period. First Trust Advisors LP raised its holdings in Applied Industrial Technologies by 59.8% during the third quarter. First Trust Advisors LP now owns 33,661 shares of the industrial products company’s stock valued at $2,634,000 after acquiring an additional 12,598 shares during the period. Capital Fund Management S.A. bought a new stake in Applied Industrial Technologies during the third quarter valued at about $470,000. Finally, Renaissance Technologies LLC raised its holdings in Applied Industrial Technologies by 38.0% during the third quarter. Renaissance Technologies LLC now owns 101,050 shares of the industrial products company’s stock valued at $7,907,000 after acquiring an additional 27,800 shares during the period. 88.53% of the stock is currently owned by institutional investors and hedge funds.
AIT has been the topic of a number of recent analyst reports. Wells Fargo & Co decreased their price target on Applied Industrial Technologies from $80.00 to $75.00 and set a “market perform” rating on the stock in a report on Thursday, November 1st. Zacks Investment Research lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. KeyCorp upgraded Applied Industrial Technologies from a “sector weight” rating to an “overweight” rating in a research report on Tuesday, January 15th. Finally, Wellington Shields lowered Applied Industrial Technologies from a “buy” rating to a “gradually accumulate” rating in a research report on Thursday, January 24th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Applied Industrial Technologies currently has an average rating of “Hold” and an average target price of $71.50.
Shares of Applied Industrial Technologies stock opened at $58.14 on Friday. The stock has a market cap of $2.33 billion, a PE ratio of 15.55, a PEG ratio of 1.10 and a beta of 1.29. The company has a quick ratio of 1.61, a current ratio of 2.75 and a debt-to-equity ratio of 1.04. Applied Industrial Technologies has a twelve month low of $50.56 and a twelve month high of $82.35.
Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Thursday, January 24th. The industrial products company reported $0.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.07). The firm had revenue of $840.00 million for the quarter, compared to analysts’ expectations of $855.94 million. Applied Industrial Technologies had a net margin of 4.80% and a return on equity of 20.03%. The company’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.79 EPS. Analysts anticipate that Applied Industrial Technologies will post 4.58 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, February 28th. Investors of record on Friday, February 15th were given a $0.31 dividend. The ex-dividend date of this dividend was Thursday, February 14th. This represents a $1.24 annualized dividend and a yield of 2.13%. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.30. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 33.16%.
About Applied Industrial Technologies
Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.
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