Raymond James Financial Inc. Makes New $25.52 Million Investment in Applied Industrial Technologies, Inc. (NYSE:AIT)

Raymond James Financial Inc. bought a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 106,562 shares of the industrial products company’s stock, valued at approximately $25,518,000. Raymond James Financial Inc. owned about 0.28% of Applied Industrial Technologies as of its most recent filing with the Securities & Exchange Commission.

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

Applied Industrial Technologies Stock Up 3.0 %

Applied Industrial Technologies stock opened at $221.94 on Friday. Applied Industrial Technologies, Inc. has a one year low of $177.68 and a one year high of $282.98. The stock has a fifty day moving average of $233.63 and a 200 day moving average of $245.45. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. The stock has a market cap of $8.52 billion, a PE ratio of 22.49, a price-to-earnings-growth ratio of 3.14 and a beta of 1.01.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, beating 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, sell-side analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The firm also recently declared 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. This represents a $1.84 annualized dividend and a dividend yield of 0.83%. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 18.64%.

Analyst Ratings Changes

AIT has been the subject of a number of analyst reports. StockNews.com lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Raymond James restated an “outperform” rating and issued a $265.00 price objective (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Robert W. Baird increased their target price on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Loop Capital decreased their price target on Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating for the company in a research note on Thursday. Finally, KeyCorp lowered their price target on Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating on the stock in a report on Monday, March 17th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Applied Industrial Technologies currently has an average rating of “Moderate Buy” and an average price target of $287.14.

Applied Industrial Technologies Company 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.