Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Purchased by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. boosted its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 41.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,734 shares of the industrial products company's stock after buying an additional 4,312 shares during the period. Harbor Capital Advisors Inc.'s holdings in Applied Industrial Technologies were worth $3,320,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Baird Financial Group Inc. raised its holdings in Applied Industrial Technologies by 2.5% in the 4th 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 holdings in Applied Industrial Technologies by 0.4% in the 4th quarter. Arizona State Retirement System now owns 11,156 shares of the industrial products company's stock valued at $2,672,000 after buying an additional 40 shares during the period. Parkside Financial Bank & Trust raised its holdings in Applied Industrial Technologies by 25.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock valued at $49,000 after buying an additional 41 shares during the period. OneAscent Financial Services LLC raised its holdings in Applied Industrial Technologies by 4.1% in the 4th quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock valued at $249,000 after buying an additional 41 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in 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 currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Down 2.3%

Shares of Applied Industrial Technologies stock traded down $5.19 on Friday, reaching $225.05. 257,053 shares of the company were exchanged, compared to its average volume of 311,697. Applied Industrial Technologies, Inc. has a 1-year low of $181.35 and a 1-year high of $282.98. The company has a market cap of $8.57 billion, a P/E ratio of 22.80, a price-to-earnings-growth ratio of 3.14 and a beta of 0.93. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55. The stock's 50 day moving average price is $227.67 and its 200-day moving average price is $241.15.

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 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.17. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the company posted $2.48 earnings per share. The business's revenue for the quarter was up 1.8% on a year-over-year basis. As a group, equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date of this dividend was Thursday, May 15th. Applied Industrial Technologies's dividend payout ratio (DPR) is 18.47%.

Applied Industrial Technologies declared that its Board of Directors has initiated a share buyback plan 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. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Raymond James reiterated an "outperform" rating and set a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Wall Street Zen lowered shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Saturday. KeyCorp cut their price target 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. Finally, Loop Capital cut their price target 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. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.