Mutual of America Capital Management LLC Grows Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Mutual of America Capital Management LLC boosted its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 11.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 67,225 shares of the industrial products company's stock after purchasing an additional 7,073 shares during the period. Mutual of America Capital Management LLC owned approximately 0.18% of Applied Industrial Technologies worth $15,148,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Baird Financial Group Inc. grew its position in Applied Industrial Technologies by 2.5% during the 4th quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company's stock worth $380,000 after purchasing an additional 39 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Applied Industrial Technologies by 51.2% during the 1st 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. First Horizon Advisors Inc. lifted its stake in Applied Industrial Technologies by 31.1% during the 1st quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock valued at $48,000 after acquiring an additional 51 shares during the period. Two Sigma Investments LP lifted its stake in Applied Industrial Technologies by 1.4% during the 4th quarter. Two Sigma Investments LP now owns 4,676 shares of the industrial products company's stock valued at $1,120,000 after acquiring an additional 64 shares during the period. Finally, Azzad Asset Management Inc. ADV lifted its stake in Applied Industrial Technologies by 1.5% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 4,675 shares of the industrial products company's stock valued at $1,053,000 after acquiring an additional 70 shares during the period. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Price Performance

NYSE:AIT traded down $0.36 during trading hours on Friday, reaching $263.07. 280,375 shares of the company were exchanged, compared to its average volume of 329,249. 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 stock's 50-day moving average is $247.15 and its 200-day moving average is $239.85. The firm has a market cap of $10.02 billion, a PE ratio of 26.41, a price-to-earnings-growth ratio of 3.20 and a beta of 0.94. Applied Industrial Technologies, Inc. has a twelve month low of $189.18 and a twelve month high of $282.98.

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given 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 yield of 0.7%. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.

Applied Industrial Technologies declared that its board has authorized a share buyback program on Thursday, May 1st that authorizes the company to buyback 1,500,000 shares. This buyback authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have commented on the stock. Raymond James Financial restated an "outperform" rating and set a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Loop Capital decreased their price objective on shares of 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. Finally, Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $285.00.

Applied Industrial Technologies 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.