Allspring Global Investments Holdings LLC Sells 19,722 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Allspring Global Investments Holdings LLC lowered its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 3.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 489,158 shares of the industrial products company’s stock after selling 19,722 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Applied Industrial Technologies were worth $96,633,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Applied Industrial Technologies by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 5,072,162 shares of the industrial products company’s stock valued at $875,912,000 after purchasing an additional 14,858 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Applied Industrial Technologies by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 947,207 shares of the industrial products company’s stock valued at $163,575,000 after purchasing an additional 21,276 shares during the last quarter. Boston Trust Walden Corp raised its holdings in shares of Applied Industrial Technologies by 5.4% in the fourth quarter. Boston Trust Walden Corp now owns 625,452 shares of the industrial products company’s stock valued at $108,009,000 after purchasing an additional 32,282 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Applied Industrial Technologies by 978.3% in the fourth quarter. Capital Research Global Investors now owns 559,649 shares of the industrial products company’s stock valued at $96,646,000 after purchasing an additional 507,750 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Applied Industrial Technologies by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 559,037 shares of the industrial products company’s stock valued at $96,540,000 after purchasing an additional 11,092 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $192.13 on Wednesday. Applied Industrial Technologies, Inc. has a 52-week low of $138.38 and a 52-week high of $201.76. The company has a 50-day simple moving average of $190.75 and a 200 day simple moving average of $185.81. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.70 and a current ratio of 3.77. The company has a market capitalization of $7.42 billion, a PE ratio of 20.14, a price-to-earnings-growth ratio of 2.02 and a beta of 1.06.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.08. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The company’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the business earned $2.38 earnings per share. On average, research analysts predict that Applied Industrial Technologies, Inc. will post 9.62 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 15th will be given a dividend of $0.37 per share. The ex-dividend date is Thursday, August 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.77%. Applied Industrial Technologies’s dividend payout ratio is presently 15.51%.

Analysts Set New Price Targets

Several brokerages have recently commented on AIT. Oppenheimer began coverage on shares of Applied Industrial Technologies in a report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 target price for the company. Northcoast Research began coverage on shares of Applied Industrial Technologies in a report on Monday. They set a “neutral” rating for the company. Finally, KeyCorp raised their price objective on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $201.00.

Insiders Place Their Bets

In other Applied Industrial Technologies news, VP Jason W. Vasquez sold 650 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $196.71, for a total transaction of $127,861.50. Following the completion of the transaction, the vice president now owns 22,960 shares in the company, valued at $4,516,461.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.00% of the company’s stock.

Applied Industrial Technologies Company 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.