Amundi Purchases 107,067 Shares of Applied Industrial Technologies, Inc. $AIT

Key Points

• Amundi significantly increased its Applied Industrial Technologies position by purchasing 107,067 shares in the first quarter, bringing its holdings to 174,907 shares valued at approximately $46.4 million. Institutional investors collectively own 93.52% of AIT.
• Wall Street sentiment remains positive: seven analysts rate AIT a Buy and one rates it a Hold, producing a “Moderate Buy” consensus and an average price target of $336.71.
• AIT was trading near its 52-week high at $345.55 and recently declared a quarterly dividend of $0.51 per share, equal to an annualized $2.04 dividend and a 0.6% yield.

Amundi boosted its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 157.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 174,907 shares of the industrial products company's stock after purchasing an additional 107,067 shares during the period. Amundi owned about 0.47% of Applied Industrial Technologies worth $46,406,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of AIT. First Trust Advisors LP lifted its holdings in Applied Industrial Technologies by 34.3% during the 1st quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company's stock valued at $259,706,000 after purchasing an additional 249,961 shares during the last quarter. Capital International Investors increased its holdings in shares of Applied Industrial Technologies by 25.4% in the fourth quarter. Capital International Investors now owns 962,925 shares of the industrial products company's stock valued at $247,250,000 after purchasing an additional 195,043 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Applied Industrial Technologies by 0.9% in the fourth quarter. Wellington Management Group LLP now owns 776,394 shares of the industrial products company's stock valued at $199,355,000 after purchasing an additional 6,953 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Applied Industrial Technologies by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 723,700 shares of the industrial products company's stock valued at $185,833,000 after purchasing an additional 3,348 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Applied Industrial Technologies by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 687,161 shares of the industrial products company's stock valued at $176,479,000 after purchasing an additional 1,889 shares during the period. Institutional investors own 93.52% of the company's stock.

Wall Street Analyst Weigh In

AIT has been the subject of several research analyst reports. Oppenheimer lifted their target price on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an "outperform" rating in a report on Wednesday, April 29th. Robert W. Baird set a $317.00 price target on shares of Applied Industrial Technologies in a report on Wednesday, April 29th. Mizuho boosted their price objective on Applied Industrial Technologies from $330.00 to $355.00 and gave the stock an "outperform" rating in a report on Tuesday, July 21st. DA Davidson began coverage on Applied Industrial Technologies in a research report on Tuesday, June 16th. They issued a "buy" rating and a $380.00 target price on the stock. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Applied Industrial Technologies presently has an average rating of "Moderate Buy" and an average price target of $336.71.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $345.55 on Monday. The company has a market cap of $12.77 billion, a price-to-earnings ratio of 32.63, a PEG ratio of 2.98 and a beta of 0.84. Applied Industrial Technologies, Inc. has a fifty-two week low of $238.34 and a fifty-two week high of $352.76. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.97 and a current ratio of 2.95. The stock has a fifty day moving average price of $327.60 and a 200-day moving average price of $298.11.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies's payout ratio is 19.26%.

Insider Activity

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 8,000 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total value of $2,448,320.00. Following the transaction, the vice president directly owned 40,751 shares of the company's stock, valued at $12,471,436.04. This trade represents a 16.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Madhuri A. Andrews sold 3,845 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the transaction, the director owned 4,951 shares of the company's stock, valued at $1,633,285.39. The trade was a 43.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.60% of the company's stock.

About Applied Industrial Technologies

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.

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