Prudential Financial Inc. Boosts Stake in Applied Industrial Technologies (AIT)

Prudential Financial Inc. increased its position in Applied Industrial Technologies (NYSE:AIT) by 81.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 421,168 shares of the industrial products company’s stock after buying an additional 188,930 shares during the period. Prudential Financial Inc.’s holdings in Applied Industrial Technologies were worth $26,049,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Neuburgh Advisers LLC raised its position in shares of Applied Industrial Technologies by 6.2% in the first quarter. Neuburgh Advisers LLC now owns 1,892 shares of the industrial products company’s stock worth $117,000 after buying an additional 110 shares during the period. Tyers Asset Management LLC bought a new position in shares of Applied Industrial Technologies during the fourth quarter worth approximately $135,000. Envestnet Asset Management Inc. raised its position in shares of Applied Industrial Technologies by 6.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 2,677 shares of the industrial products company’s stock worth $159,000 after buying an additional 161 shares during the period. Flinton Capital Management LLC bought a new position in shares of Applied Industrial Technologies during the fourth quarter worth approximately $164,000. Finally, Pacad Investment Ltd. raised its position in shares of Applied Industrial Technologies by 1,450.0% in the fourth quarter. Pacad Investment Ltd. now owns 3,100 shares of the industrial products company’s stock worth $184,000 after buying an additional 2,900 shares during the period. 89.31% of the stock is currently owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

Shares of Applied Industrial Technologies (NYSE:AIT) traded down 1.21% during trading on Thursday, hitting $61.15. 50,158 shares of the stock were exchanged. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 22.45 and a beta of 0.89. Applied Industrial Technologies has a one year low of $42.86 and a one year high of $69.00. The stock’s 50 day moving average price is $61.85 and its 200-day moving average price is $61.01.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Thursday, April 27th. The industrial products company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.63 by $0.12. Applied Industrial Technologies had a net margin of 1.31% and a return on equity of 15.34%. The firm had revenue of $679.30 million for the quarter, compared to analyst estimates of $637.30 million. During the same period in the prior year, the business posted $0.61 EPS. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, analysts predict that Applied Industrial Technologies will post $2.83 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 31st. Stockholders of record on Monday, May 15th will be issued a $0.29 dividend. The ex-dividend date is Thursday, May 11th. This represents a $1.16 annualized dividend and a dividend yield of 1.87%. Applied Industrial Technologies’s dividend payout ratio is currently 139.76%.

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Separately, Zacks Investment Research lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, March 28th.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.

12 Month Chart for NYSE:AIT

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