Bessemer Group Inc. Boosts Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Bessemer Group Inc. boosted its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 1.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 154,765 shares of the industrial products company's stock after purchasing an additional 2,924 shares during the period. Bessemer Group Inc. owned about 0.40% of Applied Industrial Technologies worth $34,874,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Larson Financial Group LLC grew its position in Applied Industrial Technologies by 5,900.0% in the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock worth $29,000 after purchasing an additional 118 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its position in Applied Industrial Technologies by 51.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after purchasing an additional 44 shares in the last quarter. Harbor Investment Advisory LLC grew its position 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 worth $36,000 after purchasing an additional 79 shares in the last quarter. Opal Wealth Advisors LLC bought a new stake in Applied Industrial Technologies in the 1st quarter worth about $41,000. Finally, SBI Securities Co. Ltd. bought a new stake in Applied Industrial Technologies in the 4th quarter worth about $44,000. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Stock Performance

Shares of AIT stock traded up $0.87 during trading on Friday, reaching $233.08. 6,331,498 shares of the company's stock traded hands, compared to its average volume of 341,520. The company has a market capitalization of $8.88 billion, a P/E ratio of 23.40, a PEG ratio of 2.99 and a beta of 0.93. The company has a current ratio of 3.57, a quick ratio of 2.51 and a debt-to-equity ratio of 0.31. The firm's 50-day moving average is $228.87 and its 200 day moving average is $237.81. Applied Industrial Technologies, Inc. has a 1 year low of $182.21 and a 1 year 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 analysts' consensus estimates of $2.40 by $0.17. The company had revenue of $1.17 billion for the quarter, compared to analysts' expectations 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 was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.48 EPS. Equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

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

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 0.79%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Wall Street Analysts Forecast Growth

AIT has been the subject of a number of recent analyst reports. Raymond James Financial reaffirmed an "outperform" rating and issued a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. KeyCorp dropped their target price on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. Loop Capital dropped their target price on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Finally, Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Applied Industrial Technologies has an average rating of "Moderate Buy" and a consensus price target 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.