Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Purchased by Rhumbline Advisers

Rhumbline Advisers increased its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 1.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 126,086 shares of the industrial products company's stock after purchasing an additional 1,891 shares during the period. Rhumbline Advisers owned approximately 0.33% of Applied Industrial Technologies worth $28,412,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Baird Financial Group Inc. boosted its position in shares of 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 period. Arizona State Retirement System boosted its position in shares of Applied Industrial Technologies by 0.4% during the 4th quarter. Arizona State Retirement System now owns 11,156 shares of the industrial products company's stock worth $2,672,000 after purchasing an additional 40 shares during the period. Parkside Financial Bank & Trust boosted its position in shares of Applied Industrial Technologies by 25.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock worth $49,000 after purchasing an additional 41 shares during the period. OneAscent Financial Services LLC boosted its position in Applied Industrial Technologies by 4.1% in the 4th quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock valued at $249,000 after buying an additional 41 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its position 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 valued at $29,000 after buying an additional 44 shares during the period. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Stock Up 1.2%

Shares of Applied Industrial Technologies stock traded up $2.81 during trading on Friday, hitting $231.94. 217,143 shares of the stock were exchanged, compared to its average volume of 310,450. The stock has a market cap of $8.83 billion, a price-to-earnings ratio of 23.50, a price-to-earnings-growth ratio of 3.14 and a beta of 0.93. The firm's 50-day moving average price is $226.20 and its 200 day moving average price is $242.67. Applied Industrial Technologies, Inc. has a 12-month low of $181.35 and a 12-month high of $282.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.17. The business had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. The company's revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.48 EPS. As a group, analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

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

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were given a dividend of $0.46 per share. The ex-dividend date was Thursday, May 15th. This represents a $1.84 annualized dividend and a dividend yield of 0.79%. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 18.47%.

Analyst Ratings Changes

AIT has been the subject of several recent research reports. KeyCorp decreased their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research report on Monday, March 17th. Raymond James reissued an "outperform" rating and issued a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Finally, 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 report on Thursday, April 17th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average 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.