Nuveen LLC Makes New $67.37 Million Investment in Applied Industrial Technologies, Inc. (NYSE:AIT)

Key Points

• Nuveen LLC has made a new investment in Applied Industrial Technologies, acquiring approximately $67.37 million for 298,948 shares, giving them a 0.78% ownership stake in the company.
• Applied Industrial Technologies' Board of Directors has authorized a share repurchase program, allowing for the repurchase of 1.5 million shares, typically indicating that management believes the stock to be undervalued.
• The company declared a quarterly dividend of $0.46 per share, with a current dividend yield of 0.7%, reflecting its stable financial status and commitment to returning value to shareholders.

Nuveen LLC acquired a new position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 298,948 shares of the industrial products company's stock, valued at approximately $67,365,000. Nuveen LLC owned approximately 0.78% of Applied Industrial Technologies at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. raised its holdings in Applied Industrial Technologies by 7.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,103 shares of the industrial products company's stock worth $699,000 after purchasing an additional 210 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Applied Industrial Technologies by 6.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 5,248 shares of the industrial products company's stock worth $1,183,000 after acquiring an additional 323 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Applied Industrial Technologies by 17.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,501 shares of the industrial products company's stock worth $338,000 after acquiring an additional 226 shares in the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Applied Industrial Technologies by 26.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,811 shares of the industrial products company's stock worth $408,000 after acquiring an additional 374 shares in the last quarter. Finally, Spire Wealth Management increased its stake in shares of Applied Industrial Technologies by 11.3% in the 1st quarter. Spire Wealth Management now owns 2,583 shares of the industrial products company's stock worth $582,000 after acquiring an additional 262 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on AIT. 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. Loop Capital decreased their price target 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, Raymond James Financial reiterated an "outperform" rating and issued a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $285.00.

Applied Industrial Technologies Stock Up 1.9%

NYSE:AIT opened at $275.76 on Thursday. The firm has a market cap of $10.50 billion, a P/E ratio of 27.69, a P/E/G ratio of 3.30 and a beta of 0.94. 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 fifty-two week low of $189.18 and a fifty-two week high of $282.98. The firm has a 50-day simple moving average of $249.66 and a two-hundred day simple moving average of $240.18.

Applied Industrial Technologies announced that its Board of Directors has approved a share repurchase program on Thursday, May 1st that authorizes the company to repurchase 1,500,000 shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Applied Industrial Technologies Announces Dividend

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 $0.46 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.7%. Applied Industrial Technologies's payout ratio is currently 18.47%.

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.

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