Polen Capital Management LLC Buys 2,604 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Key Points

• Polen Capital Management LLC increased its stake in Applied Industrial Technologies by 14.0%, now owning 21,160 shares valued at approximately $4.77 million, highlighting significant institutional interest in the company.
• A number of analysts have upgraded their ratings on Applied Industrial Technologies, with a consensus average target price of $285.00 and most with a "buy" rating.
• The company recently announced a quarterly dividend of $0.46 per share and launched a share buyback plan to repurchase 1.5 million shares, indicating confidence in its current valuation.

Polen Capital Management LLC grew its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 14.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,160 shares of the industrial products company's stock after buying an additional 2,604 shares during the period. Polen Capital Management LLC owned approximately 0.06% of Applied Industrial Technologies worth $4,768,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB boosted its stake in Applied Industrial Technologies by 51.2% in 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 during the period. Harbor Investment Advisory LLC boosted its stake in Applied Industrial Technologies by 97.5% in 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 during the period. Wayfinding Financial LLC acquired a new position in Applied Industrial Technologies in the 1st quarter worth $38,000. Opal Wealth Advisors LLC acquired a new position in Applied Industrial Technologies in the 1st quarter worth $41,000. Finally, First Horizon Advisors Inc. boosted its stake in Applied Industrial Technologies by 31.1% in the 1st quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock worth $48,000 after purchasing an additional 51 shares during the period. Institutional investors and hedge funds own 93.52% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. 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 research note on Friday, May 2nd. Loop Capital reduced 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 research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Industrial Technologies currently has an average rating of "Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Stock Performance

Shares of AIT stock traded down $2.58 on Thursday, reaching $273.14. The stock had a trading volume of 232,874 shares, compared to its average volume of 410,346. 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 firm's 50-day moving average is $249.66 and its two-hundred day moving average is $240.18. The firm has a market capitalization of $10.40 billion, a price-to-earnings ratio of 27.42, a P/E/G ratio of 3.30 and a beta of 0.94. Applied Industrial Technologies, Inc. has a 12 month low of $189.18 and a 12 month high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its earnings results on Thursday, August 14th. The industrial products company reported $2.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.60 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.18 billion. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. Applied Industrial Technologies's quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.64 EPS. On average, research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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

Applied Industrial Technologies declared that its board has authorized a stock buyback plan on Thursday, May 1st that authorizes the company to repurchase 1,500,000 outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's leadership 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.