Zions Bancorporation National Association UT Acquires New Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Key Points

• Zions Bancorporation National Association UT has acquired 10,084 shares of Applied Industrial Technologies, Inc. valued at approximately $2,272,000 during the first quarter.
• Applied Industrial Technologies announced a quarterly dividend of $0.46 per share, representing an annualized dividend of $1.84 and a dividend yield of 0.7%.
• Investment analysts generally rate the stock as a "buy" with an average price target of $285.00, despite recent downward adjustments from certain analysts.

Zions Bancorporation National Association UT bought a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 10,084 shares of the industrial products company's stock, valued at approximately $2,272,000.

Other large investors also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB grew 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 acquiring an additional 44 shares in the last quarter. Harbor Investment Advisory LLC grew its stake in shares of Applied Industrial Technologies by 97.5% during the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock valued at $36,000 after acquiring an additional 79 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Applied Industrial Technologies during the first quarter valued at about $38,000. Opal Wealth Advisors LLC acquired a new stake in shares of Applied Industrial Technologies during the first quarter valued at about $41,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Applied Industrial Technologies by 31.1% during 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. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AIT has been the topic of several research analyst reports. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. 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, Raymond James Financial reaffirmed an "outperform" rating and set a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $285.00.

Applied Industrial Technologies Stock Performance

NYSE AIT traded down $0.44 during trading hours on Monday, reaching $262.69. The company's stock had a trading volume of 298,762 shares, compared to its average volume of 326,019. The business has a 50-day simple moving average of $247.92 and a 200 day simple moving average of $239.72. Applied Industrial Technologies, Inc. has a 52 week low of $189.18 and a 52 week high of $282.98. The stock has a market cap of $10.00 billion, a PE ratio of 26.37, a PEG ratio of 3.20 and a beta of 0.94. The company has a current ratio of 3.57, a quick ratio of 2.51 and a debt-to-equity ratio of 0.31.

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

Applied Industrial Technologies Dividend Announcement

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

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.