Lisanti Capital Growth LLC Boosts Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Lisanti Capital Growth LLC increased its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 44.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,835 shares of the industrial products company's stock after purchasing an additional 7,345 shares during the period. Applied Industrial Technologies accounts for 1.6% of Lisanti Capital Growth LLC's portfolio, making the stock its 15th biggest position. Lisanti Capital Growth LLC owned approximately 0.06% of Applied Industrial Technologies worth $5,371,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AIT. Larson Financial Group LLC increased its stake in shares of Applied Industrial Technologies by 5,900.0% during the fourth quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 118 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Applied Industrial Technologies by 51.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after buying an additional 44 shares during the last quarter. Harbor Investment Advisory LLC increased its position in Applied Industrial Technologies by 97.5% during the 1st quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock valued at $36,000 after buying an additional 79 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in Applied Industrial Technologies during the 1st quarter valued at approximately $41,000. Finally, SBI Securities Co. Ltd. purchased a new position in Applied Industrial Technologies during the fourth quarter valued at $44,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Performance

AIT stock traded up $3.16 on Wednesday, hitting $245.30. The company had a trading volume of 559,234 shares, compared to its average volume of 344,601. 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 12-month low of $182.21 and a 12-month high of $282.98. The stock has a market cap of $9.34 billion, a price-to-earnings ratio of 24.63, a P/E/G ratio of 3.00 and a beta of 0.91. The stock's 50-day simple moving average is $229.64 and its 200 day simple moving average is $237.43.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, beating 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 firm had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.17 billion. During the same period in the prior year, the firm earned $2.48 EPS. The company's revenue was up 1.8% compared to the same quarter last year. As a group, equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.46 per share. The ex-dividend date is Friday, August 15th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.75%. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.

Applied Industrial Technologies declared that its Board of Directors has authorized a stock buyback program on Thursday, May 1st that allows the company to repurchase 1,500,000 outstanding 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.

Wall Street Analyst Weigh In

AIT has been the subject of several recent analyst reports. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. KeyCorp lowered their price objective 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. 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 note on Friday, May 2nd. Finally, Loop Capital decreased their price target on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $285.00.

About Applied Industrial Technologies

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.