Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Purchased by AQR Capital Management LLC

AQR Capital Management LLC boosted its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 16.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 95,891 shares of the industrial products company's stock after buying an additional 13,389 shares during the period. AQR Capital Management LLC owned 0.25% of Applied Industrial Technologies worth $22,963,000 at the end of the most recent quarter.

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

Applied Industrial Technologies Stock Down 1.1 %

Shares of AIT traded down $2.52 during mid-day trading on Friday, hitting $219.51. 92,561 shares of the company's stock were exchanged, compared to its average volume of 299,113. The stock's 50-day moving average is $226.33 and its 200-day moving average is $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 fifty-two week low of $181.35 and a fifty-two week high of $282.98. The company has a market cap of $8.42 billion, a price-to-earnings ratio of 22.24, a P/E/G ratio of 3.14 and a beta of 1.00.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, beating the consensus estimate of $2.40 by $0.17. The company had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. The firm's revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.48 EPS. On average, sell-side analysts anticipate 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 authorized a stock buyback plan on Thursday, May 1st that permits the company to repurchase 1,500,000 outstanding shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Thursday, May 15th will be paid a $0.46 dividend. This represents a $1.84 annualized dividend 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 presently 18.47%.

Wall Street Analyst Weigh In

AIT has been the subject of several recent research reports. Raymond James reaffirmed an "outperform" rating and issued a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. KeyCorp reduced their target price on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. StockNews.com cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Loop Capital reduced their price target on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, Robert W. Baird increased their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $285.00.

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.