Pier Capital LLC Decreases Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Pier Capital LLC lowered its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 32.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,795 shares of the industrial products company’s stock after selling 18,560 shares during the period. Applied Industrial Technologies makes up about 1.3% of Pier Capital LLC’s portfolio, making the stock its 24th largest position. Pier Capital LLC owned approximately 0.10% of Applied Industrial Technologies worth $9,290,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Zurich Insurance Group Ltd FI purchased a new position in Applied Industrial Technologies in the third quarter worth $84,139,000. Westfield Capital Management Co. LP acquired a new position in Applied Industrial Technologies during the 3rd quarter valued at about $32,233,000. Raymond James Financial Inc. acquired a new position in Applied Industrial Technologies during the 4th quarter valued at about $25,518,000. Polar Asset Management Partners Inc. purchased a new stake in Applied Industrial Technologies in the third quarter valued at about $12,897,000. Finally, Barclays PLC boosted its holdings in Applied Industrial Technologies by 156.6% in the third quarter. Barclays PLC now owns 74,109 shares of the industrial products company’s stock worth $16,537,000 after acquiring an additional 45,224 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $234.69 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. The firm has a fifty day moving average of $248.64 and a 200 day moving average of $244.56. The firm has a market cap of $9.01 billion, a PE ratio of 23.78, a PEG ratio of 3.14 and a beta of 1.08. Applied Industrial Technologies, Inc. has a one year low of $177.68 and a one year high of $282.98.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. As a group, research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.78%. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s dividend payout ratio is presently 18.64%.

Wall Street Analyst Weigh In

AIT has been the subject of several research analyst reports. StockNews.com lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Robert W. Baird raised their price target 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. KeyCorp dropped their price objective on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating on the stock in a report on Monday, March 17th. Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and raised their target price for the stock from $285.00 to $315.00 in a research note on Tuesday, November 26th. Finally, Raymond James reiterated an “outperform” rating and set a $265.00 price target (up previously from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $284.29.

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.