Lbp Am Sa Purchases New Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

LBP AM SA acquired a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 1,063 shares of the industrial products company's stock, valued at approximately $240,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Cambridge Investment Research Advisors Inc. increased its stake in Applied Industrial Technologies by 7.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,103 shares of the industrial products company's stock valued at $699,000 after acquiring an additional 210 shares during the period. Janney Montgomery Scott LLC increased its stake in Applied Industrial Technologies by 6.6% in the first quarter. Janney Montgomery Scott LLC now owns 5,248 shares of the industrial products company's stock valued at $1,183,000 after acquiring an additional 323 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in Applied Industrial Technologies by 17.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,501 shares of the industrial products company's stock worth $338,000 after buying an additional 226 shares during the last quarter. Sequoia Financial Advisors LLC grew its stake in Applied Industrial Technologies by 26.0% during the first quarter. Sequoia Financial Advisors LLC now owns 1,811 shares of the industrial products company's stock worth $408,000 after buying an additional 374 shares during the last quarter. Finally, Spire Wealth Management grew its stake in Applied Industrial Technologies by 11.3% during the first quarter. Spire Wealth Management now owns 2,583 shares of the industrial products company's stock worth $582,000 after buying an additional 262 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Stock Down 1.0%

Shares of AIT stock traded down $2.52 during trading hours on Tuesday, hitting $254.46. 280,648 shares of the company were exchanged, compared to its average volume of 425,759. The business has a 50 day moving average of $231.65 and a two-hundred day moving average of $237.52. 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 52 week low of $188.71 and a 52 week high of $282.98. The company has a market capitalization of $9.69 billion, a PE ratio of 25.55, a PEG ratio of 3.09 and a beta of 0.91.

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 for the quarter, beating analysts' consensus estimates of $2.40 by $0.17. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the firm earned $2.48 earnings per share. The firm's revenue for the quarter was up 1.8% compared to the same quarter last year. Analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

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

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Analyst Ratings Changes

Several brokerages have weighed in on AIT. KeyCorp decreased their price objective 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. Loop Capital reduced their target price 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. Raymond James Financial reiterated 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. Finally, Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $285.00.

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.