Tidal Investments LLC Acquires 66,984 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Tidal Investments LLC boosted its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 2,936.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 69,265 shares of the industrial products company's stock after acquiring an additional 66,984 shares during the quarter. Tidal Investments LLC owned approximately 0.18% of Applied Industrial Technologies worth $16,587,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Barclays PLC lifted its position in Applied Industrial Technologies by 156.6% during the 3rd quarter. Barclays PLC now owns 74,109 shares of the industrial products company's stock worth $16,537,000 after acquiring an additional 45,224 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Applied Industrial Technologies during the fourth quarter valued at about $44,000. Mountain Pacific Investment Advisers LLC boosted its holdings in Applied Industrial Technologies by 36.6% during the fourth quarter. Mountain Pacific Investment Advisers LLC now owns 46,155 shares of the industrial products company's stock valued at $11,053,000 after acquiring an additional 12,364 shares during the period. Stonegate Investment Group LLC boosted its holdings in Applied Industrial Technologies by 160.6% during the fourth quarter. Stonegate Investment Group LLC now owns 3,909 shares of the industrial products company's stock valued at $936,000 after acquiring an additional 2,409 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in Applied Industrial Technologies by 34.6% during the fourth quarter. Van ECK Associates Corp now owns 34,054 shares of the industrial products company's stock valued at $8,155,000 after acquiring an additional 8,760 shares during the period. Institutional investors own 93.52% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on AIT. KeyCorp decreased their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a report on Monday, March 17th. Robert W. Baird raised their price objective on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Loop Capital lowered their price objective on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Finally, Raymond James restated an "outperform" rating and issued a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $285.00.

Applied Industrial Technologies Stock Down 0.1%

NYSE AIT traded down $0.26 during trading on Friday, hitting $222.98. The stock had a trading volume of 272,715 shares, compared to its average volume of 308,337. The company has a market capitalization of $8.49 billion, a PE ratio of 22.59, a P/E/G ratio of 3.14 and a beta of 1.00. The company's 50-day moving average price is $226.69 and its two-hundred day moving average price is $245.38. 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, Inc. has a 12 month low of $181.35 and a 12 month high of $282.98.

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

Applied Industrial Technologies announced that its Board of Directors has approved a share buyback plan on Thursday, May 1st that permits the company to buyback 1,500,000 outstanding shares. This buyback authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Applied Industrial Technologies Dividend Announcement

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

Applied Industrial Technologies Company 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.