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MQS Management LLC Acquires New Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Applied Industrial Technologies logo with Industrials background

MQS Management LLC acquired a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 1,874 shares of the industrial products company's stock, valued at approximately $422,000.

Several other hedge funds have also recently bought and sold shares of AIT. Proficio Capital Partners LLC bought a new stake in shares of Applied Industrial Technologies during the 4th quarter worth about $6,767,000. Raymond James Financial Inc. bought a new stake in shares of Applied Industrial Technologies during the 4th quarter worth about $25,518,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Applied Industrial Technologies by 10.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,433 shares of the industrial products company's stock worth $1,780,000 after buying an additional 680 shares in the last quarter. Wealthfront Advisers LLC bought a new stake in shares of Applied Industrial Technologies during the 4th quarter worth about $141,000. Finally, HighTower Advisors LLC raised its position in shares of Applied Industrial Technologies by 13.0% during the 4th quarter. HighTower Advisors LLC now owns 4,463 shares of the industrial products company's stock worth $1,069,000 after buying an additional 513 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AIT has been the topic of a number of recent analyst reports. Raymond James Financial restated an "outperform" rating and set a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. 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, 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 investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $285.00.

Read Our Latest Research Report on AIT

Applied Industrial Technologies Price Performance

Shares of NYSE AIT traded up $6.82 during midday trading on Thursday, reaching $262.34. The company's stock had a trading volume of 342,193 shares, compared to its average volume of 347,722. The company has a current ratio of 3.57, a quick ratio of 2.51 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average price of $233.77 and a 200 day moving average price of $237.86. Applied Industrial Technologies, Inc. has a one year low of $188.71 and a one year high of $282.98. The company has a market cap of $9.99 billion, a price-to-earnings ratio of 26.34, a price-to-earnings-growth ratio of 3.11 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 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.17. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The business's revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.48 EPS. On average, equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 18.47%.

Applied Industrial Technologies declared that its board has authorized a stock repurchase program on Thursday, May 1st that permits the company to repurchase 1,500,000 outstanding shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its stock is undervalued.

Applied Industrial Technologies 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.

See Also

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

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