Segall Bryant & Hamill LLC Increases Holdings in Applied Industrial Technologies, Inc. $AIT

Key Points

• Segall Bryant & Hamill increased its Applied Industrial Technologies stake by 15.5% in the first quarter, bringing its holdings to 110,642 shares valued at approximately $29.4 million. Institutional investors collectively own 93.52% of AIT.
• Analysts remain broadly positive, with seven Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $336.71. Recent targets range as high as $375.
• AIT reported quarterly EPS of $2.65, slightly beating estimates, while revenue rose 7.3% year over year to $1.25 billion. The company also declared a quarterly dividend of $0.51 per share, representing a 0.6% yield.

Segall Bryant & Hamill LLC boosted its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 15.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 110,642 shares of the industrial products company's stock after buying an additional 14,863 shares during the period. Segall Bryant & Hamill LLC owned 0.30% of Applied Industrial Technologies worth $29,356,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in AIT. Compound Planning Inc. raised its holdings in shares of Applied Industrial Technologies by 4.7% during the 4th quarter. Compound Planning Inc. now owns 822 shares of the industrial products company's stock worth $211,000 after acquiring an additional 37 shares during the period. US Asset Management LLC increased its position in Applied Industrial Technologies by 3.3% during the fourth quarter. US Asset Management LLC now owns 1,266 shares of the industrial products company's stock worth $325,000 after purchasing an additional 41 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Applied Industrial Technologies by 7.4% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 653 shares of the industrial products company's stock worth $170,000 after purchasing an additional 45 shares during the period. Sanctuary Advisors LLC raised its stake in Applied Industrial Technologies by 4.5% during the first quarter. Sanctuary Advisors LLC now owns 1,160 shares of the industrial products company's stock worth $308,000 after purchasing an additional 50 shares during the period. Finally, Focus Partners Wealth boosted its holdings in Applied Industrial Technologies by 4.5% in the 1st quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company's stock valued at $302,000 after purchasing an additional 58 shares during the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Madhuri A. Andrews sold 3,845 shares of the firm's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the transaction, the director directly owned 4,951 shares in the company, valued at $1,633,285.39. This trade represents a 43.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Warren E. Hoffner III sold 8,000 shares of Applied Industrial Technologies stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total value of $2,448,320.00. Following the completion of the sale, the vice president directly owned 40,751 shares of the company's stock, valued at $12,471,436.04. The trade was a 16.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on AIT shares. Oppenheimer increased their price target on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Mizuho lifted their price target on shares of Applied Industrial Technologies from $330.00 to $355.00 and gave the company an "outperform" rating in a research report on Tuesday, July 21st. KeyCorp upped their price objective on Applied Industrial Technologies from $350.00 to $375.00 and gave the company an "overweight" rating in a report on Monday, July 13th. Robert W. Baird set a $317.00 price objective on Applied Industrial Technologies in a research report on Wednesday, April 29th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $336.71.

Applied Industrial Technologies Trading Up 1.7%

Shares of AIT stock opened at $345.55 on Friday. Applied Industrial Technologies, Inc. has a 1-year low of $238.34 and a 1-year high of $352.76. The firm has a market cap of $12.77 billion, a PE ratio of 32.63, a price-to-earnings-growth ratio of 2.93 and a beta of 0.83. The company has a 50-day moving average of $327.60 and a two-hundred day moving average of $297.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.95 and a quick ratio of 1.97.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.63 by $0.02. Applied Industrial Technologies had a net margin of 8.34% and a return on equity of 21.64%. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the previous year, the firm earned $2.57 EPS. The business's revenue was up 7.3% on a year-over-year basis. On average, analysts predict that Applied Industrial Technologies, Inc. will post 10.71 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 0.6%. The ex-dividend date is Friday, August 14th. Applied Industrial Technologies's dividend payout ratio (DPR) is 19.26%.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.

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