Vanguard Group Inc. Sells 75,891 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Key Points

• Vanguard Group Inc. reduced its stake in Applied Industrial Technologies by 1.6%, selling 75,891 shares, and now holds approximately 11.80% of the company, valued at over $1 billion.
• Applied Industrial Technologies has approved a stock buyback program allowing the repurchase of 1.5 million shares, signaling management's belief that the stock is undervalued.
• The company declared a quarterly dividend of $0.46, resulting in an annualized dividend yield of 0.7%, with a dividend payout ratio of 18.47%.

Vanguard Group Inc. trimmed its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 1.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,529,526 shares of the industrial products company's stock after selling 75,891 shares during the quarter. Vanguard Group Inc. owned approximately 11.80% of Applied Industrial Technologies worth $1,020,683,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. GAMMA Investing LLC grew its position in shares of Applied Industrial Technologies by 34,002.9% during the 1st quarter. GAMMA Investing LLC now owns 318,180 shares of the industrial products company's stock worth $716,990,000 after purchasing an additional 317,247 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Applied Industrial Technologies by 199.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 309,617 shares of the industrial products company's stock valued at $74,145,000 after buying an additional 206,220 shares in the last quarter. First Trust Advisors LP raised its position in shares of Applied Industrial Technologies by 50.0% in the fourth quarter. First Trust Advisors LP now owns 404,784 shares of the industrial products company's stock valued at $96,934,000 after buying an additional 134,975 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Applied Industrial Technologies during the 4th quarter worth $25,518,000. Finally, Rockefeller Capital Management L.P. bought a new position in shares of Applied Industrial Technologies in the fourth quarter worth $16,933,000. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Stock Down 5.3%

NYSE:AIT traded down $14.49 during trading hours on Friday, reaching $258.09. The company had a trading volume of 255,680 shares, compared to its average volume of 410,663. The firm has a market cap of $9.83 billion, a price-to-earnings ratio of 25.91, a P/E/G ratio of 3.36 and a beta of 0.94. The company has a quick ratio of 2.51, a current ratio of 3.57 and a debt-to-equity ratio of 0.31. Applied Industrial Technologies, Inc. has a twelve month low of $191.31 and a twelve month high of $282.98. The business's 50-day simple moving average is $250.55 and its two-hundred day simple moving average is $240.33.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The industrial products company reported $2.80 EPS for the quarter, topping the consensus estimate of $2.60 by $0.20. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the firm posted $2.64 earnings per share. The company's revenue for the quarter was up 5.5% on a year-over-year basis. On average, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies announced that its board has initiated a stock 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 buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.46 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.84 annualized dividend and a dividend yield of 0.7%. Applied Industrial Technologies's payout ratio is 18.47%.

Analyst Ratings Changes

AIT has been the subject of a number of analyst reports. Oppenheimer boosted their price target on Applied Industrial Technologies from $290.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday. Robert W. Baird increased their price target on shares of Applied Industrial Technologies from $265.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday. Raymond James Financial lowered shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday. Loop Capital reduced their price target on shares of 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. Finally, Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $287.86.

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.