Roof Eidam Maycock Peralta LLC purchased a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,260 shares of the industrial products company's stock, valued at approximately $1,411,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its stake in shares of 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% during the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after buying an additional 79 shares during the period. Wayfinding Financial LLC purchased a new stake in shares of Applied Industrial Technologies during the first quarter valued at $38,000. Opal Wealth Advisors LLC purchased a new position in Applied Industrial Technologies in the 1st quarter worth about $41,000. Finally, First Horizon Advisors Inc. lifted its stake in Applied Industrial Technologies by 31.1% in the first quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock worth $48,000 after acquiring an additional 51 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts have commented on the stock. Loop Capital decreased 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. 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. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $285.00.
Check Out Our Latest Report on AIT
Applied Industrial Technologies Stock Down 0.6%
Shares of AIT traded down $1.49 on Monday, hitting $261.64. The company's stock had a trading volume of 59,123 shares, compared to its average volume of 410,957. Applied Industrial Technologies, Inc. has a fifty-two week low of $189.18 and a fifty-two week high of $282.98. 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 fifty day moving average price is $247.15 and its 200-day moving average price is $239.70. The firm has a market capitalization of $9.96 billion, a price-to-earnings ratio of 26.28, a P/E/G ratio of 3.20 and a beta of 0.94.
Applied Industrial Technologies announced that its board has authorized a share buyback plan 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 plans are usually a sign that the company's leadership believes its stock is undervalued.
Applied Industrial Technologies Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given 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 dividend payout ratio (DPR) is presently 18.47%.
Applied Industrial Technologies Company Profile
(
Free Report)
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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