Alyeska Investment Group L.P. Has $112.87 Million Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Alyeska Investment Group L.P. raised its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 7.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 471,333 shares of the industrial products company's stock after acquiring an additional 33,842 shares during the quarter. Alyeska Investment Group L.P. owned approximately 1.23% of Applied Industrial Technologies worth $112,870,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in AIT. Larson Financial Group LLC boosted its stake 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 acquiring an additional 118 shares in the last quarter. Kestra Investment Management LLC bought a new stake in Applied Industrial Technologies during the fourth quarter worth approximately $30,000. SBI Securities Co. Ltd. acquired a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $44,000. Huntington National Bank raised its position in shares of 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 period. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Applied Industrial Technologies by 25.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock worth $49,000 after buying an additional 41 shares during the period. Institutional investors and hedge funds own 93.52% of the company's stock.

Analyst Upgrades and Downgrades

AIT has been the topic of a number of research analyst reports. KeyCorp lowered their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Raymond James restated an "outperform" rating and set a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a research note on Friday. StockNews.com lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Robert W. Baird lifted their target price on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Finally, Loop Capital cut their price target 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. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT traded down $3.32 during mid-day trading on Tuesday, hitting $220.79. 595,757 shares of the stock were exchanged, compared to its average volume of 297,793. The company has a market cap of $8.47 billion, a P/E ratio of 22.37, a PEG ratio of 3.14 and a beta of 1.00. 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 twelve month low of $181.35 and a twelve month high of $282.98. The stock's fifty day simple moving average is $227.89 and its two-hundred day simple moving average is $246.22.

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

Applied Industrial Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Thursday, May 15th will be paid a dividend of $0.46 per share. The ex-dividend date is Thursday, May 15th. This represents a $1.84 annualized dividend and a dividend yield of 0.83%. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 18.47%.

Applied Industrial Technologies announced that its board has approved a stock buyback plan on Thursday, May 1st that permits the company to repurchase 1,500,000 shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

About Applied Industrial Technologies

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.