Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Acquired by Mountain Pacific Investment Advisers LLC

Mountain Pacific Investment Advisers LLC grew its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 31.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,710 shares of the industrial products company's stock after acquiring an additional 14,555 shares during the quarter. Mountain Pacific Investment Advisers LLC owned about 0.16% of Applied Industrial Technologies worth $13,680,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Larson Financial Group LLC boosted its holdings in shares of Applied Industrial Technologies by 5,900.0% in the fourth quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 118 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of 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 acquiring an additional 44 shares during the period. Kestra Investment Management LLC acquired a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at approximately $30,000. Harbor Investment Advisory LLC boosted its holdings in shares of 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 acquiring an additional 79 shares during the period. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Applied Industrial Technologies in the first quarter valued at approximately $41,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Price Performance

NYSE:AIT traded up $0.67 during trading hours on Thursday, hitting $225.85. The company's stock had a trading volume of 439,309 shares, compared to its average volume of 312,717. The business's 50-day moving average is $227.88 and its two-hundred day moving average is $240.17. The company has a market capitalization of $8.60 billion, a PE ratio of 22.68, a PEG ratio of 2.91 and a beta of 0.93. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57. Applied Industrial Technologies, Inc. has a 52-week low of $182.21 and a 52-week high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly 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 return on equity of 22.01% and a net margin of 8.64%. The business had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same quarter last year, the business 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, research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date was Thursday, May 15th. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.

Applied Industrial Technologies announced that its board has approved a share repurchase 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 buy shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Wall Street Zen downgraded Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. 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 report on Thursday, April 17th. KeyCorp decreased their price target on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a report on Monday, March 17th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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.