Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Bought by Sheets Smith Wealth Management

Sheets Smith Wealth Management raised its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 4.7% in the fourth quarter, HoldingsChannel reports. The firm owned 5,065 shares of the industrial products company’s stock after acquiring an additional 226 shares during the period. Sheets Smith Wealth Management’s holdings in Applied Industrial Technologies were worth $875,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Huntington National Bank boosted its position in shares of Applied Industrial Technologies by 963.2% during the third quarter. Huntington National Bank now owns 202 shares of the industrial products company’s stock worth $31,000 after buying an additional 183 shares during the period. NBC Securities Inc. bought a new position in shares of Applied Industrial Technologies in the third quarter worth $40,000. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Applied Industrial Technologies during the fourth quarter valued at $54,000. GAMMA Investing LLC bought a new stake in shares of Applied Industrial Technologies during the fourth quarter valued at about $86,000. Finally, Consolidated Planning Corp acquired a new stake in Applied Industrial Technologies in the fourth quarter worth about $209,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Price Performance

NYSE:AIT traded up $3.78 during trading hours on Monday, reaching $189.76. 90,661 shares of the company’s stock were exchanged, compared to its average volume of 334,159. The company has a market capitalization of $7.32 billion, a P/E ratio of 19.49, a price-to-earnings-growth ratio of 1.94 and a beta of 1.10. Applied Industrial Technologies, Inc. has a 12 month low of $122.24 and a 12 month high of $201.76. The business’s 50-day simple moving average is $189.50 and its two-hundred day simple moving average is $176.49. The company has a quick ratio of 2.70, a current ratio of 3.77 and a debt-to-equity ratio of 0.34.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.08. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period last year, the company posted $2.38 EPS. The company’s revenue was down 2.8% compared to the same quarter last year. Sell-side analysts expect that Applied Industrial Technologies, Inc. will post 9.6 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Wednesday, May 15th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend is Tuesday, May 14th. Applied Industrial Technologies’s payout ratio is 15.51%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Oppenheimer assumed coverage on shares of Applied Industrial Technologies in a research report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price target on the stock. KeyCorp upped their target price on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Applied Industrial Technologies has a consensus rating of “Buy” and a consensus target price of $201.00.

Applied Industrial Technologies Profile

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.