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Locust Wood Capital Advisers LLC Buys New Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Applied Industrial Technologies logo with Industrials background

Key Points

  • Locust Wood Capital Advisers LLC acquired 3,400 shares of Applied Industrial Technologies, Inc. valued at approximately $766,000, marking a significant investment in Q1.
  • Analysts have mixed views on the stock, with Loop Capital reducing its price target from $320 to $290, while others have upgraded their ratings to "buy," reflecting varying confidence in the company's performance.
  • The company declared a quarterly dividend of $0.46, with an annual yield of 0.7%, and authorized a stock repurchase program for 1.5 million shares, indicating a strategy to enhance shareholder value.
  • Looking to Export and Analyze Applied Industrial Technologies Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Locust Wood Capital Advisers LLC acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 3,400 shares of the industrial products company's stock, valued at approximately $766,000.

Several other large investors also recently added to or reduced their stakes in AIT. National Bank of Canada FI purchased a new stake in Applied Industrial Technologies in the fourth quarter worth about $54,000. Wells Fargo & Company MN lifted its position in shares of Applied Industrial Technologies by 19.0% in the 4th quarter. Wells Fargo & Company MN now owns 54,586 shares of the industrial products company's stock worth $13,072,000 after purchasing an additional 8,712 shares during the period. Aviva PLC boosted its stake in shares of Applied Industrial Technologies by 8.2% during the fourth quarter. Aviva PLC now owns 2,290 shares of the industrial products company's stock valued at $548,000 after purchasing an additional 174 shares in the last quarter. Wedbush Securities Inc. raised its stake in Applied Industrial Technologies by 28.8% in the fourth quarter. Wedbush Securities Inc. now owns 1,534 shares of the industrial products company's stock worth $367,000 after buying an additional 343 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Applied Industrial Technologies by 1.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 50,281 shares of the industrial products company's stock worth $12,041,000 after buying an additional 485 shares in the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Down 0.1%

Applied Industrial Technologies stock traded down $0.36 during midday trading on Friday, reaching $263.07. The company's stock had a trading volume of 280,375 shares, compared to its average volume of 329,249. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51. The stock has a market capitalization of $10.02 billion, a P/E ratio of 26.41, a PEG ratio of 3.20 and a beta of 0.94. The stock's 50-day simple moving average is $247.15 and its 200-day simple moving average is $239.70. Applied Industrial Technologies, Inc. has a 52-week low of $189.18 and a 52-week high of $282.98.

Applied Industrial Technologies announced that its board has authorized a stock repurchase program on Thursday, May 1st that authorizes the company to buyback 1,500,000 outstanding shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company's management 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. Investors of record on Friday, August 15th will be paid a $0.46 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.84 dividend on an annualized basis and a yield of 0.7%. Applied Industrial Technologies's dividend payout ratio (DPR) is 18.47%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AIT. Loop Capital dropped 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. Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $250.00 target price (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 data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $285.00.

View Our Latest Research Report on Applied Industrial Technologies

Applied Industrial Technologies Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

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