Texas Permanent School Fund increased its stake in Applied Industrial Technologies (NYSE:AIT) by 0.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,441 shares of the industrial products company’s stock after purchasing an additional 170 shares during the quarter. Texas Permanent School Fund owned 0.07% of Applied Industrial Technologies worth $1,763,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Millennium Management LLC raised its position in Applied Industrial Technologies by 998.4% in the third quarter. Millennium Management LLC now owns 314,735 shares of the industrial products company’s stock worth $17,876,000 after acquiring an additional 286,080 shares during the period. Scout Investments Inc. bought a new position in Applied Industrial Technologies in the fourth quarter worth approximately $5,352,000. Man Group plc raised its position in Applied Industrial Technologies by 42.0% in the third quarter. Man Group plc now owns 143,364 shares of the industrial products company’s stock worth $8,144,000 after acquiring an additional 42,409 shares during the period. BlackRock Inc. raised its position in Applied Industrial Technologies by 0.6% in the second quarter. BlackRock Inc. now owns 6,629,016 shares of the industrial products company’s stock worth $407,882,000 after acquiring an additional 39,181 shares during the period. Finally, MAI Capital Management bought a new position in Applied Industrial Technologies in the fourth quarter worth approximately $1,831,000. Institutional investors own 86.44% of the company’s stock.
AIT has been the topic of several recent research reports. Sidoti increased their price target on shares of Applied Industrial Technologies from $61.00 to $71.00 and gave the stock a “neutral” rating in a research report on Monday, December 9th. ValuEngine downgraded shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research report on Friday, February 7th. Zacks Investment Research downgraded shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating and set a $65.00 price target on the stock. in a research report on Friday, November 15th. KeyCorp reiterated an “overweight” rating and issued a $75.00 price target (up from $70.00) on shares of Applied Industrial Technologies in a research report on Wednesday, December 11th. Finally, Wells Fargo & Co upgraded shares of Applied Industrial Technologies from an “equal weight” rating to an “overweight” rating and set a $80.00 price target on the stock in a research report on Tuesday, January 14th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $73.67.
Shares of AIT stock traded down $0.21 on Friday, hitting $69.86. 6,722 shares of the stock traded hands, compared to its average volume of 212,519. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 20.50 and a beta of 1.33. Applied Industrial Technologies has a 52 week low of $49.45 and a 52 week high of $70.62. The firm has a 50 day simple moving average of $66.54 and a two-hundred day simple moving average of $60.53. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.72 and a quick ratio of 1.61.
Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, January 23rd. The industrial products company reported $0.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.02. The firm had revenue of $833.40 million for the quarter, compared to the consensus estimate of $847.19 million. Applied Industrial Technologies had a net margin of 3.85% and a return on equity of 17.79%. The company’s revenue was down .8% on a year-over-year basis. During the same period last year, the firm earned $0.99 EPS. Sell-side analysts forecast that Applied Industrial Technologies will post 4.3 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.83%. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.31. The ex-dividend date is Thursday, February 13th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 28.12%.
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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