Bridges Investment Management Inc. Acquires 2,846 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Bridges Investment Management Inc. increased its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 111.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,400 shares of the industrial products company's stock after purchasing an additional 2,846 shares during the period. Bridges Investment Management Inc.'s holdings in Applied Industrial Technologies were worth $1,217,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of AIT. Larson Financial Group LLC lifted its stake in 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 valued at $29,000 after acquiring an additional 118 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in Applied Industrial Technologies by 51.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 44 shares during the period. Harbor Investment Advisory LLC lifted its stake in Applied Industrial Technologies by 97.5% during the 1st quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock valued at $36,000 after acquiring an additional 79 shares during the period. Wayfinding Financial LLC bought a new position in Applied Industrial Technologies during the 1st quarter valued at about $38,000. Finally, Opal Wealth Advisors LLC bought a new position in Applied Industrial Technologies during the 1st quarter valued at about $41,000. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock traded down $2.03 during midday trading on Friday, hitting $253.92. The stock had a trading volume of 344,991 shares, compared to its average volume of 347,922. The firm's fifty day moving average is $231.65 and its two-hundred day moving average is $237.61. The company has a market capitalization of $9.67 billion, a PE ratio of 25.49, a P/E/G ratio of 3.12 and a beta of 0.91. Applied Industrial Technologies, Inc. has a 52-week low of $188.71 and a 52-week high of $282.98. 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 (NYSE:AIT - Get Free Report) last released 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. The company had revenue of $1.17 billion during 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 firm's quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.48 EPS. On average, research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

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

Applied Industrial Technologies Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.84 annualized dividend and a yield of 0.72%. Applied Industrial Technologies's payout ratio is 18.47%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on AIT shares. 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. Loop Capital reduced their price target 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. Raymond James Financial reaffirmed 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. Finally, KeyCorp reduced 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 research report on Monday, March 17th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently 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.