Ausbil Investment Management Ltd Raises Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Ausbil Investment Management Ltd raised its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 78.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,967 shares of the industrial products company's stock after purchasing an additional 5,264 shares during the period. Applied Industrial Technologies comprises 1.7% of Ausbil Investment Management Ltd's investment portfolio, making the stock its 24th biggest position. Ausbil Investment Management Ltd's holdings in Applied Industrial Technologies were worth $2,697,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Larson Financial Group LLC boosted its position in shares of Applied Industrial Technologies by 5,900.0% during the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock worth $29,000 after acquiring an additional 118 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake 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 buying an additional 44 shares during the last quarter. Kestra Investment Management LLC acquired a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at approximately $30,000. Harbor Investment Advisory LLC grew its position in shares of 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 worth $36,000 after acquiring an additional 79 shares during the last quarter. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Applied Industrial Technologies in the 1st quarter valued at $41,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

AIT opened at $226.99 on Monday. Applied Industrial Technologies, Inc. has a 1-year low of $182.21 and a 1-year high of $282.98. The stock 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 stock's 50 day simple moving average is $227.99 and its 200 day simple moving average is $238.99. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, topping the consensus estimate of $2.40 by $0.17. The business 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.48 EPS. As a group, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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

Applied Industrial Technologies announced that its Board of Directors has approved a share repurchase program on Thursday, May 1st that permits the company to buyback 1,500,000 shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Sunday. KeyCorp dropped their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Loop Capital lowered their price objective on shares of 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 restated an "outperform" rating and set a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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.

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