Assenagon Asset Management S.A. Sells 5,835 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Assenagon Asset Management S.A. decreased its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 54.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,835 shares of the industrial products company's stock after selling 5,835 shares during the period. Assenagon Asset Management S.A.'s holdings in Applied Industrial Technologies were worth $1,090,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Baird Financial Group Inc. grew its position in Applied Industrial Technologies by 2.5% during the 4th quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company's stock worth $380,000 after acquiring an additional 39 shares during the last quarter. Arizona State Retirement System boosted its stake in Applied Industrial Technologies by 0.4% in the fourth quarter. Arizona State Retirement System now owns 11,156 shares of the industrial products company's stock worth $2,672,000 after purchasing an additional 40 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Applied Industrial Technologies by 25.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock worth $49,000 after purchasing an additional 41 shares during the last quarter. OneAscent Financial Services LLC increased its stake in shares of Applied Industrial Technologies by 4.1% in the fourth quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock valued at $249,000 after buying an additional 41 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of 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 buying an additional 44 shares during the last quarter. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Trading Up 0.4%

NYSE:AIT traded up $0.81 during mid-day trading on Friday, hitting $226.99. The company had a trading volume of 494,585 shares, compared to its average volume of 312,511. 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 fifty-two week low of $182.21 and a fifty-two week high of $282.98. The firm has a market cap of $8.64 billion, a P/E ratio of 22.79, a P/E/G ratio of 2.93 and a beta of 0.93. The business's fifty day moving average is $227.99 and its two-hundred day moving average is $239.24.

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 for the quarter, beating analysts' consensus estimates of $2.40 by $0.17. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. Applied Industrial Technologies's revenue for the quarter was up 1.8% on a year-over-year basis. During the same period last year, the company posted $2.48 EPS. As a group, research analysts expect 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 share buyback program on Thursday, May 1st that allows the company to buyback 1,500,000 outstanding shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Thursday, May 15th were paid a $0.46 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.84 dividend on an annualized basis and a yield of 0.81%. Applied Industrial Technologies's payout ratio is 18.47%.

Wall Street Analysts Forecast Growth

AIT has been the topic of several research reports. Raymond James Financial reiterated an "outperform" rating and set a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Sunday. KeyCorp lowered their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a report on Monday, March 17th. Finally, Loop Capital dropped their price objective on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.