33,930 Shares in Applied Industrial Technologies, Inc. (NYSE:AIT) Purchased by Tema Etfs LLC

Tema Etfs LLC bought a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 investment portfolio, making the stock its 2nd largest position. Tema Etfs LLC owned 0.09% of Applied Industrial Technologies at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in AIT. Invesco Ltd. raised its stake in shares of Applied Industrial Technologies by 7.2% during the 4th quarter. Invesco Ltd. now owns 1,271,356 shares of the industrial products company's stock worth $304,452,000 after buying an additional 85,270 shares in the last quarter. Geode Capital Management LLC increased its stake in Applied Industrial Technologies by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company's stock valued at $254,182,000 after purchasing an additional 20,842 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Applied Industrial Technologies by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 571,275 shares of the industrial products company's stock valued at $136,803,000 after purchasing an additional 1,958 shares in the last quarter. Norges Bank purchased a new position in Applied Industrial Technologies in the 4th quarter valued at approximately $129,690,000. Finally, Northern Trust Corp increased its stake in Applied Industrial Technologies by 12.5% in the 4th quarter. Northern Trust Corp now owns 510,772 shares of the industrial products company's stock valued at $122,315,000 after purchasing an additional 56,732 shares in the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AIT has been the subject of a number of research analyst reports. Raymond James restated 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. KeyCorp dropped their price target on 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. Loop Capital dropped their price target 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. Robert W. Baird raised their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Finally, StockNews.com lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Trading Down 1.9%

Applied Industrial Technologies stock traded down $4.37 during midday trading on Tuesday, reaching $228.92. The stock had a trading volume of 356,976 shares, compared to its average volume of 308,181. The stock's 50-day simple moving average is $226.61 and its 200 day simple moving average is $245.96. The stock has a market capitalization of $8.72 billion, a PE ratio of 23.19, a price-to-earnings-growth ratio of 3.14 and a beta of 1.00. Applied Industrial Technologies, Inc. has a twelve month low of $181.35 and a twelve month high of $282.98. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, topping the consensus estimate of $2.40 by $0.17. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. Applied Industrial Technologies'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 posted $2.48 EPS. Analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Thursday, May 15th will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 0.80%. The ex-dividend date is Thursday, May 15th. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.47%.

Applied Industrial Technologies declared that its board has approved a stock repurchase 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. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

About Applied Industrial Technologies

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.