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

Allspring Global Investments Holdings LLC lowered its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 3.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 489,158 shares of the industrial products company’s stock after selling 19,722 shares during the period. Allspring Global Investments Holdings LLC owned about 1.26% of Applied Industrial Technologies worth $96,633,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in AIT. Envestnet Asset Management Inc. grew its position in Applied Industrial Technologies by 86.8% in the third quarter. Envestnet Asset Management Inc. now owns 44,960 shares of the industrial products company’s stock valued at $6,951,000 after purchasing an additional 20,889 shares in the last quarter. Dark Forest Capital Management LP acquired a new stake in Applied Industrial Technologies in the third quarter valued at $269,000. Stifel Financial Corp lifted its stake in Applied Industrial Technologies by 6.0% in the third quarter. Stifel Financial Corp now owns 27,776 shares of the industrial products company’s stock valued at $4,294,000 after acquiring an additional 1,582 shares during the last quarter. Natixis Advisors L.P. acquired a new stake in Applied Industrial Technologies in the third quarter valued at $1,650,000. Finally, Tower Research Capital LLC TRC lifted its stake in Applied Industrial Technologies by 12.6% in the third quarter. Tower Research Capital LLC TRC now owns 2,972 shares of the industrial products company’s stock valued at $460,000 after acquiring an additional 332 shares during the last quarter. Institutional investors own 93.52% of the company’s stock.

Insiders Place Their Bets

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

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $192.13 on Wednesday. The firm has a 50-day moving average of $190.75 and a 200-day 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 stock has a market cap of $7.42 billion, a PE ratio of 20.14, a P/E/G ratio of 2.02 and a beta of 1.06. Applied Industrial Technologies, Inc. has a 52-week low of $138.38 and a 52-week high of $201.76.

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

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 15th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 0.77%. The ex-dividend date of this dividend is Thursday, August 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is 15.51%.

Analyst Upgrades and Downgrades

A number of analysts have commented on AIT shares. Oppenheimer started coverage on shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price target for the company. KeyCorp increased their price target on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Northcoast Research initiated coverage on shares of Applied Industrial Technologies in a research note on Monday. They issued a “neutral” rating for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.