Arrowstreet Capital Limited Partnership Buys Shares of 23,644 Applied Industrial Technologies, Inc. $AIT

Key Points

• Arrowstreet Capital purchased 23,644 shares of Applied Industrial Technologies worth approximately $6.3 million, giving it a 0.06% stake. Institutional investors collectively own 93.52% of the company.
• Applied Industrial Technologies shares opened at $345.55, near their 52-week high of $352.76, while the company announced a quarterly dividend of $0.51 per share, representing a 0.6% yield.
• Analyst sentiment remains favorable, with seven Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $336.71; meanwhile, two company insiders recently sold shares.

Arrowstreet Capital Limited Partnership purchased a new position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 23,644 shares of the industrial products company's stock, valued at approximately $6,273,000. Arrowstreet Capital Limited Partnership owned about 0.06% of Applied Industrial Technologies at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank bought a new stake in Applied Industrial Technologies in the 4th quarter worth approximately $125,044,000. Thrivent Financial for Lutherans lifted its holdings in shares of Applied Industrial Technologies by 1,628.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company's stock valued at $50,570,000 after buying an additional 185,553 shares during the period. M&T Bank Corp boosted its stake in shares of Applied Industrial Technologies by 33,181.4% in the 4th quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company's stock worth $81,322,000 after buying an additional 299,960 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Applied Industrial Technologies by 40.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company's stock worth $5,539,000 after acquiring an additional 6,254 shares during the period. Finally, Mutual of America Capital Management LLC grew its holdings in shares of Applied Industrial Technologies by 38.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 96,438 shares of the industrial products company's stock worth $24,762,000 after acquiring an additional 26,612 shares during the period. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $345.55 on Monday. The business has a 50-day simple moving average of $327.60 and a two-hundred day simple moving average of $298.11. The company has a quick ratio of 1.97, a current ratio of 2.95 and a debt-to-equity ratio of 0.19. Applied Industrial Technologies, Inc. has a 52 week low of $238.34 and a 52 week high of $352.76. The stock has a market cap of $12.77 billion, a price-to-earnings ratio of 32.63, a PEG ratio of 2.98 and a beta of 0.84.

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies's dividend payout ratio is currently 19.26%.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 8,000 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total value of $2,448,320.00. Following the completion of the transaction, the vice president directly owned 40,751 shares in the company, valued at $12,471,436.04. This represents a 16.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Madhuri A. Andrews sold 3,845 shares of the company's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the transaction, the director owned 4,951 shares of the company's stock, valued at approximately $1,633,285.39. The trade was a 43.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.60% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Mizuho increased their target price on Applied Industrial Technologies from $330.00 to $355.00 and gave the company an "outperform" rating in a report on Tuesday, July 21st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. Robert W. Baird set a $317.00 price objective on shares of Applied Industrial Technologies in a research note on Wednesday, April 29th. KeyCorp raised their price objective on shares of Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an "overweight" rating in a report on Monday, July 13th. Finally, Oppenheimer boosted their target price on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the company an "outperform" rating in a research report on Wednesday, April 29th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $336.71.

About Applied Industrial Technologies

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.

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