4,787 Shares in Applied Industrial Technologies, Inc. (NYSE:AIT) Acquired by Picton Mahoney Asset Management

Picton Mahoney Asset Management bought a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm bought 4,787 shares of the industrial products company's stock, valued at approximately $1,079,000.

Other hedge funds have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB increased its position in shares of 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 worth $29,000 after purchasing an additional 44 shares in the last quarter. Harbor Investment Advisory LLC increased its position in shares of Applied Industrial Technologies by 97.5% during the 1st 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 in the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Applied Industrial Technologies during the 1st quarter worth about $38,000. Opal Wealth Advisors LLC acquired a new stake in shares of Applied Industrial Technologies during the 1st quarter worth about $41,000. Finally, Huntington National Bank increased its position in shares of Applied Industrial Technologies by 33.8% during the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after purchasing an additional 47 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Trading Down 2.7%

Shares of NYSE:AIT traded down $7.40 during trading on Friday, hitting $264.10. 409,501 shares of the company's stock were exchanged, compared to its average volume of 333,525. Applied Industrial Technologies, Inc. has a 1-year low of $188.71 and a 1-year high of $282.98. The firm has a 50-day moving average price of $243.26 and a two-hundred day moving average price of $239.71. 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 firm has a market cap of $10.06 billion, a P/E ratio of 26.52, a PEG ratio of 3.31 and a beta of 0.91.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, topping the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The company had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same quarter in the previous year, the company earned $2.48 EPS. Applied Industrial Technologies's revenue was up 1.8% on a year-over-year basis. Equities analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies announced that its Board of Directors has approved a stock repurchase program on Thursday, May 1st that allows the company to buyback 1,500,000 shares. This buyback authorization allows the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders 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 annualized dividend and a dividend yield of 0.7%. Applied Industrial Technologies's payout ratio is currently 18.47%.

Analysts Set New Price Targets

A number of 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 report on Saturday, July 26th. Loop Capital lowered 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 report on Thursday, April 17th. Finally, Raymond James Financial restated an "outperform" rating and issued a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target 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.