Applied Industrial Technologies, Inc. (NYSE:AIT) Position Increased by XTX Topco Ltd

Key Points

• XTX Topco Ltd increased its stake in Applied Industrial Technologies by 177.9%, owning 4,744 shares valued at approximately $1.07 million after acquiring an additional 3,037 shares in the first quarter.
• Several hedge funds raised their holdings in Applied Industrial Technologies, contributing to institutional investors owning 93.52% of the company's stock.
• Applied Industrial Technologies reported earnings of $2.57 per share for the last quarter, exceeding analyst estimates, and announced a quarterly dividend of $0.46 per share.

XTX Topco Ltd grew its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 177.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,744 shares of the industrial products company's stock after purchasing an additional 3,037 shares during the period. XTX Topco Ltd's holdings in Applied Industrial Technologies were worth $1,069,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Baird Financial Group Inc. grew its holdings in shares of Applied Industrial Technologies by 2.5% in the fourth quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company's stock valued at $380,000 after purchasing an additional 39 shares in the last quarter. OneAscent Financial Services LLC boosted its stake in shares of Applied Industrial Technologies by 4.1% during the fourth quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock valued at $249,000 after purchasing an additional 41 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Applied Industrial Technologies by 51.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 44 shares during the period. Huntington National Bank boosted its stake 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 purchasing an additional 47 shares during the period. Finally, First Horizon Advisors Inc. raised its holdings in shares of Applied Industrial Technologies by 31.1% in the first quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock valued at $48,000 after acquiring an additional 51 shares in the last quarter. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Stock Performance

AIT traded down $1.46 during trading on Thursday, hitting $263.51. 113,371 shares of the stock were exchanged, compared to its average volume of 413,357. The firm has a market capitalization of $10.03 billion, a P/E ratio of 26.45, a PEG ratio of 3.28 and a beta of 0.94. Applied Industrial Technologies, Inc. has a 1-year low of $189.18 and a 1-year high of $282.98. The stock has a fifty day moving average price of $245.70 and a two-hundred day moving average price of $239.96. 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 announced that its Board of Directors has approved a stock buyback program on Thursday, May 1st that permits the company to buyback 1,500,000 shares. This buyback authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed 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. This represents a $1.84 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.

Analyst Ratings Changes

A number of brokerages have commented on AIT. Raymond James Financial reiterated an "outperform" rating and issued a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Loop Capital reduced their target price on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $285.00.

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.