Thornburg Investment Management Inc. Has $19.84 Million Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Key Points

• Thornburg Investment Management Inc. has reduced its holdings in Applied Industrial Technologies by 8.3%, now owning 88,030 shares valued at approximately $19.8 million as of the latest filing.
• Recent analyst ratings have resulted in a consensus buy rating for Applied Industrial Technologies, with a target price averaging around $285.00, despite some downward adjustments from specific firms.
• Applied Industrial Technologies announced a share repurchase program allowing for the buyback of 1,500,000 shares, indicating confidence from the company's leadership in its stock value.

Thornburg Investment Management Inc. trimmed its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 8.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,030 shares of the industrial products company's stock after selling 7,944 shares during the quarter. Thornburg Investment Management Inc. owned approximately 0.23% of Applied Industrial Technologies worth $19,837,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB grew its position in Applied Industrial Technologies by 51.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 44 shares in the last quarter. Harbor Investment Advisory LLC grew its position in Applied Industrial Technologies by 97.5% during the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock valued at $36,000 after purchasing an additional 79 shares in the last quarter. Wayfinding Financial LLC purchased a new position in Applied Industrial Technologies during the first quarter valued at approximately $38,000. Opal Wealth Advisors LLC purchased a new position in Applied Industrial Technologies during the first quarter valued at approximately $41,000. Finally, Huntington National Bank grew its position in 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 purchasing an additional 47 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

AIT stock traded down $7.40 on Friday, reaching $264.10. 409,501 shares of the company were exchanged, compared to its average volume of 417,777. The firm has a market capitalization of $10.06 billion, a PE ratio of 26.52, a PEG ratio of 3.33 and a beta of 0.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51. The stock's fifty day moving average price is $242.44 and its 200 day moving average price is $239.64. Applied Industrial Technologies, Inc. has a 12 month low of $188.71 and a 12 month high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.17. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The business's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.48 EPS. On average, research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies announced that its board has authorized a stock buyback program on Thursday, May 1st that permits the company to repurchase 1,500,000 outstanding shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company's board 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 issued a $0.46 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.84 annualized dividend and a dividend yield of 0.7%. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Analysts Set New Price Targets

A number of analysts have issued reports on AIT shares. Loop Capital reduced their target price on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Raymond James Financial reiterated an "outperform" rating and issued a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Finally, Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Industrial Technologies presently has a consensus rating of "Buy" and an average 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.