Fox Hill Wealth Management Reduces Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Fox Hill Wealth Management lowered its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 22.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,435 shares of the industrial products company’s stock after selling 414 shares during the period. Fox Hill Wealth Management’s holdings in Applied Industrial Technologies were worth $344,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. grew its position in shares of Applied Industrial Technologies by 85.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 2,318 shares of the industrial products company’s stock worth $517,000 after buying an additional 1,069 shares in the last quarter. KBC Group NV grew its position in shares of Applied Industrial Technologies by 12.6% during the third quarter. KBC Group NV now owns 1,096 shares of the industrial products company’s stock worth $245,000 after buying an additional 123 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of Applied Industrial Technologies by 139.7% during the third quarter. Thrivent Financial for Lutherans now owns 32,179 shares of the industrial products company’s stock worth $7,180,000 after buying an additional 18,752 shares in the last quarter. OneAscent Wealth Management LLC acquired a new stake in shares of Applied Industrial Technologies during the third quarter worth approximately $218,000. Finally, Lindenwold Advisors INC grew its position in shares of Applied Industrial Technologies by 4.3% during the third quarter. Lindenwold Advisors INC now owns 2,521 shares of the industrial products company’s stock worth $563,000 after buying an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Performance

AIT stock opened at $224.48 on Wednesday. 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 stock has a market capitalization of $8.62 billion, a price-to-earnings ratio of 22.74, a PEG ratio of 3.14 and a beta of 1.08. Applied Industrial Technologies, Inc. has a 1 year low of $177.68 and a 1 year high of $282.98. The stock’s fifty day moving average is $250.09 and its two-hundred day moving average is $243.71.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share for the quarter, beating 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%. On average, research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a dividend of $0.46 per share. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.37. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date was Friday, February 14th. Applied Industrial Technologies’s payout ratio is currently 18.64%.

Analyst Upgrades and Downgrades

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