MQS Management LLC Takes $422,000 Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

MQS Management LLC purchased a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,874 shares of the industrial products company's stock, valued at approximately $422,000.

A number of other institutional investors and hedge funds have also bought and sold shares of AIT. MassMutual Private Wealth & Trust FSB increased 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 worth $29,000 after purchasing an additional 44 shares during the last quarter. Harbor Investment Advisory LLC increased 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 worth $36,000 after purchasing an additional 79 shares during the last quarter. Wayfinding Financial LLC bought a new stake in shares of Applied Industrial Technologies in the first quarter worth about $38,000. Opal Wealth Advisors LLC bought a new stake in shares of Applied Industrial Technologies in the first quarter worth about $41,000. Finally, Huntington National Bank increased its holdings in shares of Applied Industrial Technologies by 33.8% in the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after purchasing an additional 47 shares during the last quarter. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Trading Up 0.5%

AIT traded up $1.19 on Wednesday, hitting $255.60. The company had a trading volume of 143,882 shares, compared to its average volume of 347,872. The company has a market cap of $9.73 billion, a PE ratio of 25.68, a PEG ratio of 3.13 and a beta of 0.91. Applied Industrial Technologies, Inc. has a 12-month low of $188.71 and a 12-month high of $282.98. The company has a quick ratio of 2.51, a current ratio of 3.57 and a debt-to-equity ratio of 0.31. The business's fifty day simple moving average is $232.98 and its 200 day simple moving average is $237.74.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) 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 business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business earned $2.48 earnings per share. The company's revenue for the quarter was up 1.8% compared to the same quarter last year. Equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies announced that its board has authorized a stock buyback plan on Thursday, May 1st that authorizes the company to buyback 1,500,000 shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Applied Industrial Technologies Dividend Announcement

The business also recently declared 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 annualized dividend 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 equities research analysts have recently issued reports on AIT shares. Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Raymond James Financial reaffirmed an "outperform" rating and issued a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Finally, Loop Capital dropped their price target on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock 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.