PNC Financial Services Group Inc. Buys 1,869 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Key Points

• PNC Financial Services Group Inc. increased its stock holdings in Applied Industrial Technologies by 13.2%, now owning 16,049 shares valued at approximately $3.62 million.
• Applied Industrial Technologies has authorized a share repurchase plan allowing the company to reacquire 1.5 million shares, indicating management believes the stock is undervalued.
• The company announced a quarterly dividend of $0.46 per share, reflecting an annualized dividend yield of 0.7%.

PNC Financial Services Group Inc. grew its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 13.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,049 shares of the industrial products company's stock after purchasing an additional 1,869 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Applied Industrial Technologies were worth $3,617,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. National Bank of Canada FI acquired a new stake in Applied Industrial Technologies during the 4th quarter worth $54,000. Wells Fargo & Company MN raised its stake in Applied Industrial Technologies by 19.0% during the 4th quarter. Wells Fargo & Company MN now owns 54,586 shares of the industrial products company's stock worth $13,072,000 after buying an additional 8,712 shares during the period. Aviva PLC raised its stake in Applied Industrial Technologies by 8.2% during the 4th quarter. Aviva PLC now owns 2,290 shares of the industrial products company's stock worth $548,000 after buying an additional 174 shares during the period. Wedbush Securities Inc. raised its stake in Applied Industrial Technologies by 28.8% during the 4th quarter. Wedbush Securities Inc. now owns 1,534 shares of the industrial products company's stock worth $367,000 after buying an additional 343 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in Applied Industrial Technologies by 1.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 50,281 shares of the industrial products company's stock worth $12,041,000 after buying an additional 485 shares during the period. Institutional investors and hedge funds own 93.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Raymond James Financial reaffirmed an "outperform" rating and set a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Finally, Loop Capital dropped their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Stock Down 0.1%

AIT stock traded down $0.36 during trading hours on Friday, reaching $263.07. 280,375 shares of the stock were exchanged, compared to its average volume of 329,249. The firm's 50-day moving average is $247.15 and its 200-day moving average is $239.85. The company has a market cap of $10.02 billion, a price-to-earnings ratio of 26.41, a PEG ratio of 3.20 and a beta of 0.94. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51. Applied Industrial Technologies, Inc. has a 12 month low of $189.18 and a 12 month high of $282.98.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is 18.47%.

Applied Industrial Technologies declared that its board has initiated a share buyback program on Thursday, May 1st that permits the company to buyback 1,500,000 shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

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.