GAMMA Investing LLC Grows Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

GAMMA Investing LLC raised its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 34,002.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 318,180 shares of the industrial products company's stock after buying an additional 317,247 shares during the quarter. GAMMA Investing LLC owned 0.83% of Applied Industrial Technologies worth $716,990,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Baird Financial Group Inc. lifted its stake in Applied Industrial Technologies by 2.5% in the fourth quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company's stock valued at $380,000 after buying an additional 39 shares during the period. Arizona State Retirement System raised its position in shares of Applied Industrial Technologies by 0.4% during the fourth quarter. Arizona State Retirement System now owns 11,156 shares of the industrial products company's stock worth $2,672,000 after purchasing an additional 40 shares during the period. Parkside Financial Bank & Trust raised its position in shares of Applied Industrial Technologies by 25.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock worth $49,000 after purchasing an additional 41 shares during the period. OneAscent Financial Services LLC raised its position in shares of Applied Industrial Technologies by 4.1% during the fourth quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock worth $249,000 after purchasing an additional 41 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of Applied Industrial Technologies by 51.2% during the first 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 during the period. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

NYSE:AIT traded up $4.57 during trading on Tuesday, reaching $229.14. The company's stock had a trading volume of 76,607 shares, compared to its average volume of 309,178. The firm has a market cap of $8.73 billion, a price-to-earnings ratio of 23.22, a price-to-earnings-growth ratio of 3.14 and a beta of 1.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. The firm has a 50 day moving average of $226.07 and a 200-day moving average of $243.36. Applied Industrial Technologies, Inc. has a 12 month low of $181.35 and a 12 month high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.17. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. The business's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.48 EPS. Research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies declared that its Board of Directors has approved a share repurchase plan on Thursday, May 1st that permits the company to buyback 1,500,000 outstanding shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its shares are undervalued.

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Thursday, May 15th were paid a $0.46 dividend. The ex-dividend date was Thursday, May 15th. This represents a $1.84 dividend on an annualized basis and a yield of 0.80%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.47%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AIT. Raymond James 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 lowered 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, KeyCorp lowered their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock 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.