DekaBank Deutsche Girozentrale Increases Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

DekaBank Deutsche Girozentrale increased its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 136.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,331 shares of the industrial products company's stock after acquiring an additional 3,648 shares during the quarter. DekaBank Deutsche Girozentrale's holdings in Applied Industrial Technologies were worth $1,381,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB increased 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 purchasing an additional 44 shares during the period. Harbor Investment Advisory LLC increased its stake in Applied Industrial Technologies by 97.5% in the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock valued at $36,000 after purchasing an additional 79 shares during the period. Wayfinding Financial LLC acquired a new position in Applied Industrial Technologies in the first quarter valued at $38,000. Opal Wealth Advisors LLC acquired a new position in Applied Industrial Technologies in the first quarter valued at $41,000. Finally, Huntington National Bank increased its stake in Applied Industrial Technologies by 33.8% in the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock valued at $45,000 after purchasing an additional 47 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on AIT. Loop Capital dropped 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 note on Thursday, April 17th. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Industrial Technologies presently has a consensus rating of "Buy" and a consensus price target of $285.00.

Applied Industrial Technologies Stock Performance

Shares of NYSE:AIT traded up $6.82 during midday trading on Thursday, hitting $262.34. The stock had a trading volume of 342,193 shares, compared to its average volume of 347,722. The company has a market capitalization of $9.99 billion, a PE ratio of 26.34, a P/E/G ratio of 3.11 and a beta of 0.91. The stock has a 50 day moving average price of $233.77 and a two-hundred day moving average price of $237.86. 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 1 year low of $188.71 and a 1 year high of $282.98.

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 analysts' consensus estimates of $2.40 by $0.17. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate 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 revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.48 earnings per share. As a group, equities analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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 0.70%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.

Applied Industrial Technologies announced that its board has approved a share repurchase program on Thursday, May 1st that authorizes the company to buyback 1,500,000 outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

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.