Meeder Asset Management Inc. increased its stake in shares of Applied Industrial Technologies (NYSE:AIT) by 175.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,285 shares of the industrial products company’s stock after acquiring an additional 2,728 shares during the quarter. Meeder Asset Management Inc.’s holdings in Applied Industrial Technologies were worth $292,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Public Employees Retirement System of Ohio increased its position in Applied Industrial Technologies by 0.5% during the second quarter. Public Employees Retirement System of Ohio now owns 4,286 shares of the industrial products company’s stock worth $253,000 after acquiring an additional 23 shares during the period. Gotham Asset Management LLC increased its position in Applied Industrial Technologies by 1.7% during the second quarter. Gotham Asset Management LLC now owns 10,849 shares of the industrial products company’s stock worth $641,000 after acquiring an additional 183 shares during the period. Ameritas Investment Partners Inc. increased its position in Applied Industrial Technologies by 7.2% during the second quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock worth $199,000 after acquiring an additional 226 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Applied Industrial Technologies by 39.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,600 shares of the industrial products company’s stock worth $177,000 after acquiring an additional 730 shares during the period. Finally, Wedge Capital Management L L P NC increased its position in Applied Industrial Technologies by 7.4% during the third quarter. Wedge Capital Management L L P NC now owns 11,837 shares of the industrial products company’s stock worth $779,000 after acquiring an additional 817 shares during the period. 88.41% of the stock is currently owned by institutional investors and hedge funds.
AIT has been the topic of a number of research reports. Zacks Investment Research lowered shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research report on Monday, October 16th. ValuEngine lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, November 14th. Finally, Wellington Shields raised shares of Applied Industrial Technologies from a “hold” rating to a “gradually accumulate” rating in a research report on Wednesday, December 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $71.00.
Applied Industrial Technologies (NYSE AIT) opened at $69.85 on Friday. Applied Industrial Technologies has a 52-week low of $54.00 and a 52-week high of $75.35. The stock has a market cap of $2,701.45, a price-to-earnings ratio of 22.10, a P/E/G ratio of 1.68 and a beta of 0.96. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.90 and a current ratio of 3.33.
Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, January 25th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.06. Applied Industrial Technologies had a net margin of 5.43% and a return on equity of 16.53%. The business had revenue of $667.19 million for the quarter, compared to analyst estimates of $651.05 million. analysts expect that Applied Industrial Technologies will post 3.46 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Thursday, February 15th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.72%. The ex-dividend date is Wednesday, February 14th. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.29. Applied Industrial Technologies’s payout ratio is 31.02%.
In other Applied Industrial Technologies news, Director Green Edith Kelly sold 6,873 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $74.41, for a total value of $511,419.93. Following the sale, the director now owns 24,230 shares of the company’s stock, valued at approximately $1,802,954.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Todd A. Barlett sold 3,800 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $75.00, for a total transaction of $285,000.00. Following the completion of the sale, the vice president now directly owns 90,155 shares in the company, valued at approximately $6,761,625. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.
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Applied Industrial Technologies Company Profile
Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.
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