Assetmark Inc. Acquires 2,634 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Assetmark Inc. grew its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 60.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,005 shares of the industrial products company's stock after purchasing an additional 2,634 shares during the period. Assetmark Inc.'s holdings in Applied Industrial Technologies were worth $1,579,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. lifted its position in shares of Applied Industrial Technologies by 7.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,103 shares of the industrial products company's stock worth $699,000 after purchasing an additional 210 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of Applied Industrial Technologies by 6.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 5,248 shares of the industrial products company's stock worth $1,183,000 after purchasing an additional 323 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Applied Industrial Technologies by 17.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,501 shares of the industrial products company's stock worth $338,000 after purchasing an additional 226 shares during the period. Sequoia Financial Advisors LLC lifted its position in shares of Applied Industrial Technologies by 26.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,811 shares of the industrial products company's stock worth $408,000 after purchasing an additional 374 shares during the period. Finally, Spire Wealth Management lifted its position in shares of Applied Industrial Technologies by 11.3% in the 1st quarter. Spire Wealth Management now owns 2,583 shares of the industrial products company's stock worth $582,000 after purchasing an additional 262 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Down 2.7%

Shares of NYSE AIT traded down $7.40 during trading on Friday, hitting $264.10. The stock had a trading volume of 409,501 shares, compared to its average volume of 333,525. Applied Industrial Technologies, Inc. has a 12 month low of $188.71 and a 12 month high of $282.98. 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 company has a market capitalization of $10.06 billion, a PE ratio of 26.52, a PEG ratio of 3.22 and a beta of 0.94. The firm has a fifty day moving average of $243.26 and a two-hundred day moving average of $239.62.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the business posted $2.48 EPS. The business's revenue was up 1.8% compared to the same quarter last year. As a group, equities research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies announced that its board has initiated a share repurchase program on Thursday, May 1st that authorizes the company to buyback 1,500,000 shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio (DPR) is 18.47%.

Analysts Set New Price Targets

Several research firms have recently weighed in on AIT. Loop Capital lowered 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 note on Thursday, April 17th. 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. 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 research note on Friday, May 2nd. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price 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.