Applied Industrial Technologies, Inc. (NYSE:AIT) Stock Position Raised by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH increased its holdings in Applied Industrial Technologies, Inc. by 7.0%, acquiring 3,641 additional shares, which brings their total ownership to 55,630 shares valued at approximately $12.54 million.
• Applied Industrial Technologies reported earnings per share of $2.57 for the last quarter, surpassing estimates and showing a 1.8% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.46 per share with an annualized yield of 0.68%, scheduled for payment on August 29th, reflecting an 18.47% dividend payout ratio.

Allianz Asset Management GmbH lifted its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 7.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,630 shares of the industrial products company's stock after acquiring an additional 3,641 shares during the quarter. Allianz Asset Management GmbH owned about 0.14% of Applied Industrial Technologies worth $12,536,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Applied Industrial Technologies by 51.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 44 shares in the last quarter. Harbor Investment Advisory LLC increased its stake in Applied Industrial Technologies by 97.5% during the 1st quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after buying an additional 79 shares during the period. Wayfinding Financial LLC purchased a new stake in Applied Industrial Technologies during the 1st quarter worth $38,000. Opal Wealth Advisors LLC purchased a new stake in Applied Industrial Technologies during the 1st quarter worth $41,000. Finally, Huntington National Bank increased its stake in Applied Industrial Technologies by 33.8% during the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after buying an additional 47 shares during the period. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Stock Down 0.7%

Shares of AIT traded down $2.02 during midday trading on Tuesday, hitting $272.67. The company had a trading volume of 34,567 shares, compared to its average volume of 416,368. The company's 50 day moving average price is $239.60 and its 200 day moving average price is $239.01. The stock has a market cap of $10.38 billion, a price-to-earnings ratio of 27.40, a PEG ratio of 3.31 and a beta of 0.91. Applied Industrial Technologies, Inc. has a 52 week low of $188.71 and a 52 week high of $282.98. The company has a quick ratio of 2.51, a current ratio of 3.57 and a debt-to-equity ratio of 0.31.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.17. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The company's revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.48 EPS. On average, equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that allows the company to buyback 1,500,000 shares. This buyback authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 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 0.67%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Wall Street Analyst Weigh In

AIT has been the topic of several analyst reports. Loop Capital dropped 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 note on Thursday, April 17th. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $285.00.

Applied Industrial Technologies Company 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.