Fiera Capital Corp Has $41.69 Million Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Key Points

• Fiera Capital Corp increased its stake in Applied Industrial Technologies by 44.9% in the first quarter, owning approximately 0.48% of the company valued at $41.69 million.
• Applied Industrial Technologies has announced a stock buyback program allowing for the repurchase of 1.5 million shares, indicating management's belief in the undervaluation of the company's stock.
• The company reported earnings of $2.57 per share, exceeding analyst expectations by $0.17, alongside a year-on-year revenue increase of 1.8% to $1.17 billion.

Fiera Capital Corp grew its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 44.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 185,018 shares of the industrial products company's stock after acquiring an additional 57,328 shares during the period. Fiera Capital Corp owned about 0.48% of Applied Industrial Technologies worth $41,692,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of AIT. LPL Financial LLC grew its stake in Applied Industrial Technologies by 23.6% in the fourth quarter. LPL Financial LLC now owns 31,328 shares of the industrial products company's stock worth $7,723,000 after purchasing an additional 5,980 shares in the last quarter. Prudential Financial Inc. raised its holdings in shares of Applied Industrial Technologies by 64.7% during the fourth quarter. Prudential Financial Inc. now owns 12,523 shares of the industrial products company's stock valued at $3,326,000 after buying an additional 4,921 shares during the last quarter. Norges Bank bought a new stake in Applied Industrial Technologies during the fourth quarter worth approximately $129,690,000. Pictet Asset Management Holding SA raised its holdings in Applied Industrial Technologies by 5.7% during the fourth quarter. Pictet Asset Management Holding SA now owns 5,166 shares of the industrial products company's stock worth $1,237,000 after purchasing an additional 280 shares in the last quarter. Finally, Intrust Bank NA bought a new stake in Applied Industrial Technologies during the fourth quarter worth approximately $296,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

Shares of AIT traded down $7.35 during trading hours on Friday, reaching $264.16. 229,497 shares of the company traded hands, compared to its average volume of 416,402. The stock's fifty day moving average is $242.44 and its 200 day moving average is $239.64. The stock has a market cap of $10.06 billion, a P/E ratio of 26.53, a price-to-earnings-growth ratio of 3.33 and a beta of 0.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57. Applied Industrial Technologies, Inc. has a 1-year low of $188.71 and a 1-year high of $282.98.

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 analysts' consensus estimates of $2.40 by $0.17. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the company earned $2.48 earnings per share. The business's revenue was up 1.8% compared to the same quarter last year. Equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies declared that its Board of Directors has initiated a share buyback program on Thursday, May 1st that authorizes the company to repurchase 1,500,000 shares. This repurchase authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a $0.46 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.84 dividend on an annualized basis and a yield of 0.7%. Applied Industrial Technologies's payout ratio is presently 18.47%.

Wall Street Analyst Weigh In

AIT has been the topic of several recent research reports. Raymond James Financial restated an "outperform" rating and issued a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. 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. Finally, Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target 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.