Silvercrest Asset Management Group LLC Decreases Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Silvercrest Asset Management Group LLC trimmed its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 1.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,545 shares of the industrial products company’s stock after selling 381 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Applied Industrial Technologies were worth $9,230,000 at the end of the most recent quarter.

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

Applied Industrial Technologies Stock Performance

Shares of NYSE AIT opened at $236.01 on Monday. The stock has a market cap of $8.99 billion, a PE ratio of 23.91, a price-to-earnings-growth ratio of 3.14 and a beta of 1.00. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55. The firm has a fifty day moving average price of $226.47 and a 200-day moving average price of $245.96. Applied Industrial Technologies, Inc. has a 1 year low of $181.35 and a 1 year high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.17. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.48 EPS. Equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies declared that its board has approved a share repurchase plan on Thursday, May 1st that permits the company to buyback 1,500,000 shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 15th will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 0.78%. The ex-dividend date is Thursday, May 15th. Applied Industrial Technologies’s dividend payout ratio is presently 18.47%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on AIT shares. Loop Capital lowered their target price on Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. StockNews.com cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Robert W. Baird raised their price objective on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Raymond James reaffirmed an “outperform” rating and set a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Finally, KeyCorp dropped their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating on the stock in a research note on Monday, March 17th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $285.00.

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.