Tema ETFs LLC Acquires 8,920 Shares of Applied Industrial Technologies, Inc. $AIT

Key Points

• Tema ETFs LLC increased its Applied Industrial Technologies stake by 20.2% in the second quarter, acquiring 8,920 shares and bringing its holdings to 53,040 shares worth approximately $17.9 million. Institutional investors collectively own 93.52% of AIT.
• Analysts remain broadly positive, with seven Buy ratings and one Hold rating, resulting in a consensus “Moderate Buy” rating and an average price target of $336.71.
• AIT shares opened at $353.71, near their 52-week high of $363.59. The company also declared a quarterly dividend of $0.51 per share, equating to an annualized yield of approximately 0.6%.

Tema ETFs LLC grew its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 20.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,040 shares of the industrial products company's stock after purchasing an additional 8,920 shares during the period. Tema ETFs LLC owned about 0.14% of Applied Industrial Technologies worth $17,935,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in AIT. Torren Management LLC bought a new position in shares of Applied Industrial Technologies in the fourth quarter worth about $25,000. Anchor Investment Management LLC bought a new stake in Applied Industrial Technologies during the 4th quarter valued at about $32,000. V Square Quantitative Management LLC bought a new stake in Applied Industrial Technologies during the 4th quarter valued at about $34,000. Smartleaf Asset Management LLC boosted its position in Applied Industrial Technologies by 78.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company's stock valued at $46,000 after buying an additional 78 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in Applied Industrial Technologies in the 4th quarter valued at about $46,000. 93.52% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on AIT shares. DA Davidson began coverage on shares of Applied Industrial Technologies in a research report on Tuesday, June 16th. They set a "buy" rating and a $380.00 target price on the stock. KeyCorp boosted their price target on Applied Industrial Technologies from $350.00 to $375.00 and gave the company an "overweight" rating in a report on Monday, July 13th. Mizuho increased their price objective on Applied Industrial Technologies from $330.00 to $355.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 21st. Robert W. Baird set a $317.00 price objective on Applied Industrial Technologies in a report on Wednesday, April 29th. Finally, Wall Street Zen lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $336.71.

Applied Industrial Technologies Price Performance

Shares of AIT stock opened at $353.71 on Wednesday. The stock's 50-day moving average is $334.46 and its 200 day moving average is $301.87. Applied Industrial Technologies, Inc. has a 1-year low of $238.34 and a 1-year high of $363.59. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.95 and a quick ratio of 1.97. The company has a market cap of $13.07 billion, a P/E ratio of 33.40, a PEG ratio of 3.08 and a beta of 0.84.

Applied Industrial Technologies Dividend Announcement

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

Insider Activity

In other news, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total value of $1,268,427.05. Following the transaction, the director owned 4,951 shares of the company's stock, valued at $1,633,285.39. The trade was a 43.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is currently owned by insiders.

About Applied Industrial Technologies

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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