Algert Global LLC Increases Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Algert Global LLC grew its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 52.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 47,547 shares of the industrial products company's stock after purchasing an additional 16,401 shares during the quarter. Algert Global LLC owned approximately 0.12% of Applied Industrial Technologies worth $11,386,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently made changes to their positions in AIT. Larson Financial Group LLC lifted its position in shares of Applied Industrial Technologies by 5,900.0% during the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock worth $29,000 after buying an additional 118 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies during the 4th quarter worth approximately $30,000. SBI Securities Co. Ltd. bought a new stake in shares of Applied Industrial Technologies in the 4th quarter worth approximately $44,000. Huntington National Bank lifted its stake in Applied Industrial Technologies by 33.8% in the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock valued at $45,000 after purchasing an additional 47 shares during the last quarter. Finally, Parkside Financial Bank & Trust grew its holdings in Applied Industrial Technologies by 25.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock valued at $49,000 after purchasing an additional 41 shares during the period. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Stock Down 0.9 %

NYSE:AIT traded down $1.89 during midday trading on Friday, reaching $220.14. 115,245 shares of the stock traded hands, compared to its average volume of 375,566. The business has a 50-day moving average of $226.33 and a two-hundred day moving average of $245.78. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. Applied Industrial Technologies, Inc. has a 12-month low of $181.35 and a 12-month high of $282.98. The stock has a market capitalization of $8.45 billion, a PE ratio of 22.30, a price-to-earnings-growth ratio of 3.14 and a beta of 1.00.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.17. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. The company's quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.48 EPS. On average, equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase 1,500,000 outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Thursday, May 15th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend is Thursday, May 15th. Applied Industrial Technologies's payout ratio is 18.47%.

Wall Street Analyst Weigh In

AIT has been the subject of several analyst reports. StockNews.com downgraded shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Loop Capital reduced their price objective on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. KeyCorp cut their price target 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, March 17th. Raymond James reissued an "outperform" rating and set a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Finally, Robert W. Baird boosted their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $285.00.

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.