Principal Financial Group Inc. lowered its stake in Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) by 7.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 286,539 shares of the industrial products company’s stock after selling 22,163 shares during the quarter. Principal Financial Group Inc. owned 0.75% of Applied Industrial Technologies worth $29,428,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in AIT. Morgan Stanley lifted its position in Applied Industrial Technologies by 58.9% in the second quarter. Morgan Stanley now owns 188,625 shares of the industrial products company’s stock valued at $17,176,000 after purchasing an additional 69,943 shares during the last quarter. Advisor Group Holdings Inc. lifted its position in Applied Industrial Technologies by 108.5% in the third quarter. Advisor Group Holdings Inc. now owns 3,884 shares of the industrial products company’s stock valued at $350,000 after purchasing an additional 2,021 shares during the last quarter. Swiss National Bank lifted its position in Applied Industrial Technologies by 0.4% in the third quarter. Swiss National Bank now owns 85,900 shares of the industrial products company’s stock valued at $7,742,000 after purchasing an additional 300 shares during the last quarter. Mackenzie Financial Corp bought a new stake in Applied Industrial Technologies in the third quarter valued at approximately $274,000. Finally, State Board of Administration of Florida Retirement System increased its stake in shares of Applied Industrial Technologies by 1.3% during the third quarter. State Board of Administration of Florida Retirement System now owns 28,337 shares of the industrial products company’s stock valued at $2,554,000 after buying an additional 350 shares during the period. Hedge funds and other institutional investors own 92.88% of the company’s stock.
Several equities analysts have recently issued reports on the company. Zacks Investment Research cut Applied Industrial Technologies from a “buy” rating to a “hold” rating and set a $107.00 target price on the stock. in a research note on Wednesday, March 30th. StockNews.com cut Applied Industrial Technologies from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Finally, Robert W. Baird boosted their target price on Applied Industrial Technologies from $115.00 to $123.00 in a research note on Friday, January 28th.
Applied Industrial Technologies (NYSE:AIT – Get Rating) last issued its quarterly earnings results on Thursday, April 28th. The industrial products company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.23. The company had revenue of $980.60 million for the quarter, compared to analysts’ expectations of $922.46 million. Applied Industrial Technologies had a return on equity of 23.58% and a net margin of 6.52%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.37 earnings per share. Equities research analysts expect that Applied Industrial Technologies, Inc. will post 6.24 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 31st. Stockholders of record on Monday, May 16th will be paid a $0.34 dividend. The ex-dividend date is Friday, May 13th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.28%. Applied Industrial Technologies’s dividend payout ratio is currently 22.37%.
In other news, Director Peter C. Wallace sold 4,931 shares of the stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $105.06, for a total value of $518,050.86. Following the sale, the director now directly owns 24,357 shares of the company’s stock, valued at $2,558,946.42. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Neil A. Schrimsher sold 6,921 shares of the stock in a transaction on Monday, February 28th. The stock was sold at an average price of $101.16, for a total value of $700,128.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,931 shares of company stock worth $1,530,944. Insiders own 2.40% of the company’s stock.
About Applied Industrial Technologies (Get Rating)
Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. It operates through two segments, Service Center Based Distribution, and Fluid Power & Flow Control. 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, 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, as well as other related supplies for general operational needs of customers' machinery and equipment.
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