Cramer Rosenthal Mcglynn LLC Sells 2,157 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Cramer Rosenthal Mcglynn LLC trimmed its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 3.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,845 shares of the industrial products company’s stock after selling 2,157 shares during the period. Cramer Rosenthal Mcglynn LLC owned approximately 0.14% of Applied Industrial Technologies worth $12,894,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Arizona State Retirement System grew its position in shares of Applied Industrial Technologies by 0.4% in the fourth quarter. Arizona State Retirement System now owns 11,156 shares of the industrial products company’s stock valued at $2,672,000 after purchasing an additional 40 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake 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 worth $49,000 after purchasing an additional 41 shares in the last quarter. OneAscent Financial Services LLC boosted its holdings in Applied Industrial Technologies by 4.1% in the 4th quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company’s stock valued at $249,000 after purchasing an additional 41 shares during the period. Huntington National Bank grew its position in shares of Applied Industrial Technologies by 33.8% during the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 47 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings 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 worth $91,000 after purchasing an additional 55 shares during the period. Institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Price Performance

Shares of Applied Industrial Technologies stock opened at $221.94 on Friday. The company has a market cap of $8.52 billion, a PE ratio of 22.49, a P/E/G ratio of 3.14 and a beta of 1.01. The business has a 50 day moving average of $234.44 and a 200 day moving average of $245.46. Applied Industrial Technologies, Inc. has a 52 week low of $177.68 and a 52 week high of $282.98. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share (EPS) 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%. As a group, equities research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were issued a $0.46 dividend. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.83%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 18.64%.

Wall Street Analyst Weigh In

Several research firms recently commented on AIT. KeyCorp reduced their target price 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. Loop Capital cut their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating for the company in a report on Thursday. Robert W. Baird raised their target price on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Raymond James reiterated an “outperform” rating and set a $265.00 target price (up from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. Finally, StockNews.com lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $287.14.

Applied Industrial Technologies Profile

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.