Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Acquired by EULAV Asset Management

EULAV Asset Management boosted its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 26.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 69,800 shares of the industrial products company's stock after acquiring an additional 14,400 shares during the quarter. EULAV Asset Management owned 0.18% of Applied Industrial Technologies worth $15,729,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in AIT. Jones Financial Companies Lllp raised its holdings in Applied Industrial Technologies by 192.6% in the fourth quarter. Jones Financial Companies Lllp now owns 1,340 shares of the industrial products company's stock valued at $321,000 after acquiring an additional 882 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Applied Industrial Technologies during the fourth quarter worth approximately $44,000. Steward Partners Investment Advisory LLC raised its holdings in Applied Industrial Technologies by 10.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,385 shares of the industrial products company's stock worth $1,529,000 after purchasing an additional 588 shares in the last quarter. Assetmark Inc. raised its holdings in Applied Industrial Technologies by 7.9% during the fourth quarter. Assetmark Inc. now owns 4,371 shares of the industrial products company's stock worth $1,047,000 after purchasing an additional 320 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in Applied Industrial Technologies during the fourth quarter worth approximately $6,767,000. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Trading Up 0.1%

NYSE:AIT opened at $245.48 on Monday. The stock has a fifty day simple moving average of $230.22 and a 200-day simple moving average of $237.28. Applied Industrial Technologies, Inc. has a 52-week low of $182.21 and a 52-week high of $282.98. The company has a market capitalization of $9.35 billion, a PE ratio of 24.65, a price-to-earnings-growth ratio of 2.98 and a beta of 0.91. 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 posted 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. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. The company had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same quarter in the previous year, the business earned $2.48 EPS. The firm's revenue was up 1.8% on a year-over-year basis. On average, equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Applied Industrial Technologies announced that its board has initiated 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 often an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

AIT has been the topic of a number of research reports. Raymond James Financial restated an "outperform" rating and set a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. KeyCorp lowered their price objective on shares of 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. Finally, Loop Capital lowered their price objective 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. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus 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.

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