Tema Etfs LLC Takes Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Tema Etfs LLC bought a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 33,930 shares of the industrial products company's stock, valued at approximately $8,125,000. Applied Industrial Technologies comprises 3.4% of Tema Etfs LLC's holdings, making the stock its 2nd biggest holding. Tema Etfs LLC owned approximately 0.09% of Applied Industrial Technologies as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its holdings in shares of Applied Industrial Technologies by 5,900.0% in the fourth quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock valued at $29,000 after buying an additional 118 shares in the last quarter. Kestra Investment Management LLC acquired a new stake in Applied Industrial Technologies during the 4th quarter valued at $30,000. SBI Securities Co. Ltd. purchased a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at $44,000. Huntington National Bank grew its holdings in shares of Applied Industrial Technologies by 33.8% during the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock valued at $45,000 after buying an additional 47 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its position in Applied Industrial Technologies by 25.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock valued at $49,000 after buying an additional 41 shares during the period. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Price Performance

Shares of AIT stock traded down $0.92 during trading hours on Friday, reaching $222.32. 57,199 shares of the company were exchanged, compared to its average volume of 307,769. The stock's fifty day moving average is $226.72 and its two-hundred day moving average is $245.63. Applied Industrial Technologies, Inc. has a fifty-two week low of $181.35 and a fifty-two week 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. The company has a market cap of $8.47 billion, a price-to-earnings ratio of 22.47, a P/E/G ratio of 3.14 and a beta of 1.00.

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

Applied Industrial Technologies declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 1st that allows the company to repurchase 1,500,000 outstanding shares. This repurchase authorization allows the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Applied Industrial Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Thursday, May 15th will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 0.83%. The ex-dividend date of this dividend is Thursday, May 15th. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.47%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AIT. Robert W. Baird boosted their price target on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. KeyCorp lowered their price target on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Wall Street Zen downgraded Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Raymond James reissued an "outperform" rating and issued a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Finally, Loop Capital reduced their target price on 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 investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price 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.