Gotham Asset Management LLC Purchases 2,156 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Gotham Asset Management LLC raised its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 120.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,950 shares of the industrial products company's stock after acquiring an additional 2,156 shares during the quarter. Gotham Asset Management LLC's holdings in Applied Industrial Technologies were worth $946,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on AIT shares. Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. StockNews.com cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report 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. Raymond James reissued an "outperform" rating and issued a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Finally, KeyCorp cut their price objective on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Stock Down 1.9%

NYSE AIT traded down $4.37 during trading hours on Tuesday, reaching $228.92. 356,976 shares of the company's stock traded hands, compared to its average volume of 308,181. The firm has a market cap of $8.72 billion, a PE ratio of 23.19, a PEG ratio of 3.14 and a beta of 1.00. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55. Applied Industrial Technologies, Inc. has a 52-week low of $181.35 and a 52-week high of $282.98. The firm has a 50-day simple moving average of $226.61 and a 200 day simple moving average of $245.96.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly 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 for the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. The firm's quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.48 EPS. Sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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 given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 0.80%. The ex-dividend date of this dividend is Thursday, May 15th. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

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

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.