US Asset Management LLC Takes Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

US Asset Management LLC purchased a new position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,818 shares of the industrial products company's stock, valued at approximately $435,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Larson Financial Group LLC increased its holdings in Applied Industrial Technologies by 5,900.0% in the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock worth $29,000 after buying an additional 118 shares during the period. Kestra Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies in the 4th quarter valued at $30,000. SBI Securities Co. Ltd. acquired a new stake in shares of Applied Industrial Technologies in the fourth quarter worth $44,000. Huntington National Bank raised 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 worth $45,000 after purchasing an additional 47 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted 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 purchasing an additional 41 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT traded down $2.05 during trading on Wednesday, reaching $228.31. 72,384 shares of the company's stock traded hands, compared to its average volume of 307,895. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. 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 50-day simple moving average of $226.59 and a 200-day simple moving average of $244.82. The firm has a market cap of $8.69 billion, a PE ratio of 23.13, a P/E/G ratio of 3.14 and a beta of 1.00.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, beating the consensus estimate of $2.40 by $0.17. The company 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 quarterly revenue was up 1.8% compared to the same quarter last year. During the same period last year, the company earned $2.48 earnings per share. As a group, analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

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

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 15th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date is Thursday, May 15th. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Analyst Ratings Changes

AIT has been the topic of several analyst reports. Loop Capital cut their price target on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. KeyCorp dropped their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Raymond James reiterated an "outperform" rating and set a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Finally, Robert W. Baird upped their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Applied Industrial Technologies has a consensus rating of "Moderate Buy" and a consensus 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.