Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd reduced its holdings in Applied Industrial Technologies by 77.5%, owning only 1,189 shares after selling 4,095 shares in the first quarter.
• Applied Industrial Technologies reported earnings of $2.57 per share, exceeding estimates, with a net margin of 8.64% and revenue of $1.17 billion for the quarter.
• The company announced a quarterly dividend of $0.46, translating to an annualized yield of 0.67%, alongside a share buyback plan to purchase up to 1.5 million shares.

Harvest Fund Management Co. Ltd decreased its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 77.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,189 shares of the industrial products company's stock after selling 4,095 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Applied Industrial Technologies were worth $268,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB boosted its position 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 buying an additional 44 shares in the last quarter. 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 in the last quarter. Wayfinding Financial LLC bought a new stake in shares of Applied Industrial Technologies during the first quarter worth $38,000. Opal Wealth Advisors LLC bought a new stake in shares of Applied Industrial Technologies during the first quarter worth $41,000. Finally, Huntington National Bank boosted its holdings in Applied Industrial Technologies by 33.8% during the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after purchasing an additional 47 shares during the last quarter. Institutional investors own 93.52% of the company's stock.

Analyst Ratings Changes

AIT has been the topic of a number of recent research reports. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Loop Capital dropped 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 report on Thursday, April 17th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Trading Down 2.7%

AIT stock traded down $7.40 on Friday, reaching $264.10. The company's stock had a trading volume of 409,501 shares, compared to its average volume of 333,525. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57. The firm has a market cap of $10.06 billion, a PE ratio of 26.52, a PEG ratio of 3.31 and a beta of 0.91. The business has a fifty day simple moving average of $243.26 and a two-hundred day simple moving average of $239.71. Applied Industrial Technologies, Inc. has a 12-month low of $188.71 and a 12-month 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 the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the company earned $2.48 EPS. Applied Industrial Technologies's revenue for the quarter was up 1.8% on a year-over-year basis. As a group, research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Announces Dividend

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

Applied Industrial Technologies declared that its board has authorized a stock buyback plan 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 plans are often an indication that the company's board believes its stock is undervalued.

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.