Comerica Bank Acquires 795 Shares of Applied Industrial Technologies (AIT)
Comerica Bank raised its holdings in Applied Industrial Technologies (NYSE:AIT) by 1.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,007 shares of the industrial products company’s stock after purchasing an additional 795 shares during the period. Comerica Bank’s holdings in Applied Industrial Technologies were worth $3,452,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Quantamental Technologies LLC purchased a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $113,000. First Mercantile Trust Co. grew its stake in Applied Industrial Technologies by 11.1% during the fourth quarter. First Mercantile Trust Co. now owns 2,200 shares of the industrial products company’s stock valued at $119,000 after acquiring an additional 220 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Applied Industrial Technologies by 13.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,943 shares of the industrial products company’s stock valued at $175,000 after acquiring an additional 343 shares in the last quarter. Zeke Capital Advisors LLC purchased a new position in Applied Industrial Technologies during the first quarter valued at approximately $282,000. Finally, Blueshift Asset Management LLC purchased a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $270,000. Hedge funds and other institutional investors own 90.94% of the company’s stock.
Several brokerages recently commented on AIT. Zacks Investment Research cut shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research note on Monday, March 25th. Longbow Research upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and set a $70.00 target price for the company in a research report on Friday, March 8th. Finally, Wellington Shields lowered shares of Applied Industrial Technologies from a “buy” rating to a “gradually accumulate” rating in a research report on Thursday, January 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Applied Industrial Technologies currently has an average rating of “Hold” and a consensus price target of $71.00.
Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Friday, April 26th. The industrial products company reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.01). Applied Industrial Technologies had a net margin of 4.14% and a return on equity of 20.06%. The company had revenue of $885.44 million for the quarter, compared to the consensus estimate of $891.73 million. During the same quarter in the previous year, the firm earned $1.06 earnings per share. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. Equities research analysts predict that Applied Industrial Technologies will post 4.58 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.31 per share. The ex-dividend date is Tuesday, May 14th. This represents a $1.24 annualized dividend and a yield of 2.25%. Applied Industrial Technologies’s payout ratio is presently 33.16%.
About Applied Industrial Technologies
Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.
Read More: What is the Producer Price Index (PPI)?
Want to see what other hedge funds are holding AIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Applied Industrial Technologies (NYSE:AIT).
Receive News & Ratings for Applied Industrial Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Industrial Technologies and related companies with MarketBeat.com's FREE daily email newsletter.