Blueshift Asset Management LLC Acquires New Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Key Points

• Blueshift Asset Management LLC has acquired a new stake of 1,717 shares in Applied Industrial Technologies (NYSE:AIT), valued at approximately $387,000.
• Applied Industrial Technologies announced a quarterly dividend of $0.46 per share, representing a 0.7% annual yield, to be paid on August 29th.
• The company's stock price has been downgraded by some analysts, with a recent target price adjustment from $320.00 to $290.00 by Loop Capital, while average analyst ratings maintain a "Buy" with a consensus price target of $285.00.

Blueshift Asset Management LLC bought a new position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 1,717 shares of the industrial products company's stock, valued at approximately $387,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Invesco Ltd. raised its position in Applied Industrial Technologies by 7.2% during the 4th quarter. Invesco Ltd. now owns 1,271,356 shares of the industrial products company's stock valued at $304,452,000 after purchasing an additional 85,270 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Applied Industrial Technologies by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company's stock worth $254,182,000 after purchasing an additional 20,842 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Applied Industrial Technologies by 12.5% during the 4th quarter. Northern Trust Corp now owns 510,772 shares of the industrial products company's stock worth $122,315,000 after purchasing an additional 56,732 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in shares of Applied Industrial Technologies by 7.7% during the 4th quarter. Alyeska Investment Group L.P. now owns 471,333 shares of the industrial products company's stock worth $112,870,000 after purchasing an additional 33,842 shares during the last quarter. Finally, First Trust Advisors LP increased its position in Applied Industrial Technologies by 50.0% during the 4th quarter. First Trust Advisors LP now owns 404,784 shares of the industrial products company's stock valued at $96,934,000 after buying an additional 134,975 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock traded down $1.23 during mid-day trading on Thursday, hitting $263.74. The company had a trading volume of 5,724 shares, compared to its average volume of 412,649. The company has a current ratio of 3.57, a quick ratio of 2.51 and a debt-to-equity ratio of 0.31. Applied Industrial Technologies, Inc. has a 12-month low of $189.18 and a 12-month high of $282.98. The company's fifty day moving average is $245.70 and its 200-day moving average is $239.96. The company has a market capitalization of $10.04 billion, a price-to-earnings ratio of 26.49, a P/E/G ratio of 3.28 and a beta of 0.94.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 0.7%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.

Applied Industrial Technologies declared that its Board of Directors has authorized a stock buyback program on Thursday, May 1st that allows the company to buyback 1,500,000 shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AIT. Raymond James Financial reaffirmed an "outperform" rating and set a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Loop Capital reduced their target price on 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, Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Industrial Technologies currently has an average rating of "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.