Boothbay Fund Management LLC Makes New $572,000 Investment in Applied Industrial Technologies, Inc. (NYSE:AIT)

Boothbay Fund Management LLC purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 2,390 shares of the industrial products company's stock, valued at approximately $572,000.

A number of other institutional investors have also recently bought and sold shares of AIT. Larson Financial Group LLC lifted its stake 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 during the last quarter. Kestra Investment Management LLC acquired a new position in shares of Applied Industrial Technologies in the 4th quarter valued at about $30,000. SBI Securities Co. Ltd. acquired a new position in shares of Applied Industrial Technologies during the 4th quarter valued at $44,000. Huntington National Bank boosted its stake in Applied Industrial Technologies by 33.8% during the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after acquiring an additional 47 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its position 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 purchasing an additional 41 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT traded down $3.00 during midday trading on Tuesday, hitting $221.11. The company's stock had a trading volume of 86,475 shares, compared to its average volume of 296,500. The business's 50 day simple moving average is $227.89 and its 200 day simple moving average is $246.22. 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 company has a market cap of $8.49 billion, a P/E ratio of 22.42, a price-to-earnings-growth ratio of 3.14 and a beta of 1.00. Applied Industrial Technologies, Inc. has a 12-month low of $181.35 and a 12-month high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, beating analysts' consensus estimates of $2.40 by $0.17. The business 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 business's revenue for the quarter was up 1.8% on a year-over-year basis. During the same period last year, the business earned $2.48 earnings per share. On average, analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies declared that its board has approved a stock repurchase program on Thursday, May 1st that permits the company to buyback 1,500,000 shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Applied Industrial Technologies Dividend Announcement

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 given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend is Thursday, May 15th. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. KeyCorp dropped 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. Robert W. Baird upped their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Raymond James restated an "outperform" rating and set a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday. Loop Capital dropped their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Finally, StockNews.com cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price 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.