JPMorgan Chase & Co. lowered its position in Applied Industrial Technologies (NYSE:AIT) by 0.7% during the 1st quarter, HoldingsChannel.com reports. The firm owned 2,533,955 shares of the industrial products company’s stock after selling 17,248 shares during the period. JPMorgan Chase & Co. owned about 0.07% of Applied Industrial Technologies worth $150,695,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in AIT. Norges Bank bought a new position in shares of Applied Industrial Technologies in the fourth quarter worth $45,049,000. Victory Capital Management Inc. increased its stake in Applied Industrial Technologies by 55.6% in the first quarter. Victory Capital Management Inc. now owns 1,051,933 shares of the industrial products company’s stock valued at $62,558,000 after acquiring an additional 375,980 shares during the last quarter. BlackRock Inc. increased its stake in Applied Industrial Technologies by 4.4% in the fourth quarter. BlackRock Inc. now owns 6,362,725 shares of the industrial products company’s stock valued at $343,203,000 after acquiring an additional 267,302 shares during the last quarter. Macquarie Group Ltd. increased its stake in Applied Industrial Technologies by 19.1% in the fourth quarter. Macquarie Group Ltd. now owns 1,034,025 shares of the industrial products company’s stock valued at $55,775,000 after acquiring an additional 165,706 shares during the last quarter. Finally, Millennium Management LLC increased its stake in Applied Industrial Technologies by 37.1% in the fourth quarter. Millennium Management LLC now owns 200,987 shares of the industrial products company’s stock valued at $10,841,000 after acquiring an additional 54,412 shares during the last quarter. 88.77% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently commented on the company. Wellington Shields cut Applied Industrial Technologies from a “buy” rating to a “gradually accumulate” rating in a research note on Thursday, January 24th. Zacks Investment Research cut Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research note on Tuesday, January 29th. Finally, Longbow Research raised Applied Industrial Technologies from a “neutral” rating to a “buy” rating and set a $70.00 target price on the stock in a research note on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Applied Industrial Technologies currently has a consensus rating of “Hold” and a consensus target price of $71.00.
Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Friday, April 26th. The industrial products company reported $1.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.01). Applied Industrial Technologies had a net margin of 4.14% and a return on equity of 20.06%. The company had revenue of $885.44 million for the quarter, compared to the consensus estimate of $891.73 million. During the same period last year, the business posted $1.06 earnings per share. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. As a group, analysts anticipate that Applied Industrial Technologies will post 4.58 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be paid a dividend of $0.31 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.24%. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 33.16%.
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Applied Industrial Technologies Profile
Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.
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