KLP Kapitalforvaltning AS Raises Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Key Points

• KLP Kapitalforvaltning AS raised its stake in Applied Industrial Technologies by 12.1%, acquiring a total of 10,200 shares worth approximately $2.3 million.
• Applied Industrial Technologies reported $2.57 earnings per share (EPS) for the latest quarter, exceeding analysts' expectations of $2.40, with a revenue of $1.17 billion.
• The company announced a quarterly dividend of $0.46 per share, representing an annualized yield of 0.68%, along with a share buyback program to repurchase up to 1.5 million shares.

KLP Kapitalforvaltning AS raised its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 12.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,200 shares of the industrial products company's stock after purchasing an additional 1,100 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Applied Industrial Technologies were worth $2,298,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its position in Applied Industrial Technologies by 51.2% in 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 during the period. Harbor Investment Advisory LLC raised its holdings in Applied Industrial Technologies by 97.5% in the 1st quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock valued at $36,000 after buying an additional 79 shares during the period. Wayfinding Financial LLC purchased a new stake in Applied Industrial Technologies in the 1st quarter valued at about $38,000. Opal Wealth Advisors LLC purchased a new stake in shares of Applied Industrial Technologies in the 1st quarter valued at approximately $41,000. Finally, Huntington National Bank raised its stake in shares of Applied Industrial Technologies by 33.8% in the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock valued at $45,000 after acquiring an additional 47 shares during the period. Hedge funds and other institutional investors own 93.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AIT. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday. Loop Capital cut their target price on 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. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $285.00.

Applied Industrial Technologies Stock Down 0.7%

NYSE:AIT traded down $2.02 during trading hours on Tuesday, hitting $272.67. The company's stock had a trading volume of 34,567 shares, compared to its average volume of 416,368. The stock has a market capitalization of $10.38 billion, a P/E ratio of 27.40, a price-to-earnings-growth ratio of 3.31 and a beta of 0.91. The stock has a fifty day moving average of $239.60 and a 200-day moving average of $239.01. The company has a current ratio of 3.57, a quick ratio of 2.51 and a debt-to-equity ratio of 0.31. Applied Industrial Technologies, Inc. has a 52-week low of $188.71 and a 52-week 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 EPS for the quarter, beating the consensus estimate of $2.40 by $0.17. The company 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 firm's revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm posted $2.48 earnings per share. On average, equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies announced that its board has approved a stock repurchase plan on Thursday, May 1st that allows the company to repurchase 1,500,000 shares. This repurchase authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $0.46 per share. 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 0.67%. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

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.