541,570 Shares in Applied Industrial Technologies, Inc. (NYSE:AIT) Purchased by Norges Bank

Norges Bank purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the fourth quarter, HoldingsChannel reports. The fund purchased 541,570 shares of the industrial products company’s stock, valued at approximately $129,690,000.

Other large investors have also recently bought and sold shares of the company. Zurich Insurance Group Ltd FI bought a new stake in shares of Applied Industrial Technologies in the third quarter worth $84,139,000. Raymond James Financial Inc. bought a new stake in Applied Industrial Technologies during the 4th quarter worth about $25,518,000. Artisan Partners Limited Partnership boosted its stake in shares of Applied Industrial Technologies by 32.2% during the 4th quarter. Artisan Partners Limited Partnership now owns 238,975 shares of the industrial products company’s stock worth $57,227,000 after buying an additional 58,140 shares during the last quarter. Polar Asset Management Partners Inc. bought a new position in shares of Applied Industrial Technologies in the 3rd quarter valued at about $12,897,000. Finally, Barclays PLC increased its position in shares of Applied Industrial Technologies by 156.6% in the third quarter. Barclays PLC now owns 74,109 shares of the industrial products company’s stock valued at $16,537,000 after acquiring an additional 45,224 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $225.52 on Tuesday. The stock has a market cap of $8.65 billion, a PE ratio of 22.85, a P/E/G ratio of 3.14 and a beta of 1.08. 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 firm has a 50-day moving average of $246.21 and a 200-day moving average of $245.73. Applied Industrial Technologies, Inc. has a 52-week low of $177.68 and a 52-week high of $282.98.

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 (EPS) for the quarter, topping the consensus estimate 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, sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

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

Analysts Set New Price Targets

Several research analysts have weighed in on the company. KeyCorp lowered their price target on Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Robert W. Baird upped their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Finally, Raymond James reaffirmed an “outperform” rating and issued a $265.00 target price (up from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $284.29.

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.