EULAV Asset Management Has $15.73 Million Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

EULAV Asset Management raised its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 26.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 69,800 shares of the industrial products company's stock after acquiring an additional 14,400 shares during the period. EULAV Asset Management owned about 0.18% of Applied Industrial Technologies worth $15,729,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Applied Industrial Technologies during the fourth quarter worth about $129,690,000. GAMMA Investing LLC grew its holdings in shares of Applied Industrial Technologies by 34,002.9% during the first quarter. GAMMA Investing LLC now owns 318,180 shares of the industrial products company's stock worth $716,990,000 after purchasing an additional 317,247 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Applied Industrial Technologies by 199.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 309,617 shares of the industrial products company's stock worth $74,145,000 after purchasing an additional 206,220 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Applied Industrial Technologies by 50.0% during the fourth quarter. First Trust Advisors LP now owns 404,784 shares of the industrial products company's stock worth $96,934,000 after purchasing an additional 134,975 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Applied Industrial Technologies during the fourth quarter worth about $25,518,000. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Trading Up 1.9%

AIT traded up $4.70 during trading on Thursday, hitting $256.10. The company's stock had a trading volume of 493,348 shares, compared to its average volume of 347,396. Applied Industrial Technologies, Inc. has a twelve month low of $182.21 and a twelve month 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. The stock's fifty day moving average price is $230.58 and its 200-day moving average price is $237.43. The firm has a market capitalization of $9.75 billion, a P/E ratio of 25.71, a PEG ratio of 3.02 and a beta of 0.91.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the firm earned $2.48 earnings per share. Applied Industrial Technologies's revenue for the quarter was up 1.8% on a year-over-year basis. Analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies declared that its Board of Directors has authorized a share repurchase program 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 programs are typically a sign that the company's leadership believes its shares are undervalued.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders 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 0.72%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's payout ratio is 18.47%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Loop Capital cut 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. 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 note on Monday, March 17th. Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Finally, Raymond James Financial 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. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Industrial Technologies presently has an average rating of "Buy" and a consensus price target of $285.00.

Applied Industrial Technologies 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.