Pitcairn Co. Sells 165 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Pitcairn Co. trimmed its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 6.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,498 shares of the industrial products company’s stock after selling 165 shares during the period. Pitcairn Co.’s holdings in Applied Industrial Technologies were worth $598,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Larson Financial Group LLC raised its stake in shares of Applied Industrial Technologies by 5,900.0% in the fourth quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company’s stock worth $29,000 after buying an additional 118 shares during the period. Kestra Investment Management LLC bought a new stake in Applied Industrial Technologies during the 4th quarter worth approximately $30,000. SBI Securities Co. Ltd. purchased a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $44,000. Huntington National Bank boosted its position 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 purchasing an additional 47 shares during the period. Finally, Parkside Financial Bank & Trust increased its stake 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 purchasing an additional 41 shares in the last quarter. 93.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

AIT has been the subject of several recent analyst reports. Robert W. Baird upped their target price 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. StockNews.com lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. KeyCorp decreased their target price on 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. Finally, Raymond James restated an “outperform” rating and issued a $265.00 price target (up from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $284.29.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock opened at $211.16 on Friday. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. Applied Industrial Technologies, Inc. has a twelve month low of $177.68 and a twelve month high of $282.98. The company’s 50-day moving average price is $243.16 and its 200-day moving average price is $245.67. The company has a market cap of $8.10 billion, a PE ratio of 21.39, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. On average, equities research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were given a dividend of $0.46 per share. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a yield of 0.87%. Applied Industrial Technologies’s payout ratio is 18.64%.

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.