Corebridge Financial Inc. Has $14.93 Million Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Corebridge Financial Inc. cut its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 5.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 62,359 shares of the industrial products company’s stock after selling 3,282 shares during the quarter. Corebridge Financial Inc.’s holdings in Applied Industrial Technologies were worth $14,933,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of AIT. State Street Corp grew its holdings in Applied Industrial Technologies by 2.4% during the 3rd quarter. State Street Corp now owns 1,441,051 shares of the industrial products company’s stock worth $321,542,000 after acquiring an additional 34,113 shares during the period. Geode Capital Management LLC boosted its position in shares of Applied Industrial Technologies by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,040,389 shares of the industrial products company’s stock valued at $232,181,000 after purchasing an additional 40,689 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Applied Industrial Technologies by 0.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 571,275 shares of the industrial products company’s stock worth $136,803,000 after purchasing an additional 1,958 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in Applied Industrial Technologies in the third quarter worth approximately $84,139,000. Finally, Bank of New York Mellon Corp lifted its stake in Applied Industrial Technologies by 3.3% in the fourth quarter. Bank of New York Mellon Corp now owns 366,217 shares of the industrial products company’s stock valued at $87,698,000 after buying an additional 11,529 shares during the period. Institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $234.69 on Tuesday. Applied Industrial Technologies, Inc. has a 52 week low of $177.68 and a 52 week high of $282.98. 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 50 day moving average price of $248.64 and a two-hundred day moving average price of $244.56. The firm has a market capitalization of $9.01 billion, a P/E ratio of 23.78, a P/E/G ratio of 3.14 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. Equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were issued a dividend of $0.46 per share. The ex-dividend date was Friday, February 14th. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.37. This represents a $1.84 annualized dividend and a yield of 0.78%. Applied Industrial Technologies’s payout ratio is 18.64%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AIT. KeyCorp reduced 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 research report on Monday, March 17th. StockNews.com cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Raymond James reiterated an “outperform” rating and set a $265.00 price objective (up previously from $250.00) on shares of Applied Industrial Technologies in a report on Thursday, January 30th. Bank of America upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and raised their target price for the company from $285.00 to $315.00 in a research note on Tuesday, November 26th. Finally, Robert W. Baird upped their price target on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company 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.