Lighthouse Investment Partners LLC cut its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 69.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,900 shares of the industrial products company's stock after selling 11,000 shares during the quarter. Lighthouse Investment Partners LLC's holdings in Applied Industrial Technologies were worth $1,173,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the business. Jefferies Financial Group Inc. purchased a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at $327,000. Gotham Asset Management LLC grew its stake in shares of Applied Industrial Technologies by 120.2% during the 4th quarter. Gotham Asset Management LLC now owns 3,950 shares of the industrial products company's stock worth $946,000 after acquiring an additional 2,156 shares during the period. Focus Partners Wealth bought a new position in shares of Applied Industrial Technologies during the 4th quarter worth $307,000. Ethic Inc. grew its stake in shares of Applied Industrial Technologies by 12.9% during the 4th quarter. Ethic Inc. now owns 2,047 shares of the industrial products company's stock worth $490,000 after acquiring an additional 234 shares during the period. Finally, FORA Capital LLC grew its stake in shares of Applied Industrial Technologies by 600.8% during the 4th quarter. FORA Capital LLC now owns 9,454 shares of the industrial products company's stock worth $2,264,000 after acquiring an additional 8,105 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research analysts have recently weighed in on AIT shares. StockNews.com downgraded Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Loop Capital cut their target price on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. KeyCorp cut their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. Raymond James restated an "outperform" rating and issued a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Finally, Robert W. Baird raised their target price on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a research note 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 company. According to MarketBeat, Applied Industrial Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $285.00.
Read Our Latest Analysis on AIT
Applied Industrial Technologies Price Performance
Shares of AIT traded down $2.09 during trading hours on Tuesday, reaching $231.20. 43,353 shares of the company's stock traded hands, compared to its average volume of 306,524. The stock has a market cap of $8.81 billion, a PE ratio of 23.46, a price-to-earnings-growth ratio of 3.14 and a beta of 1.00. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32. The firm's 50 day simple moving average is $226.61 and its 200-day simple moving average is $245.96. 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 issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.17. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. The company's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the company posted $2.48 EPS. Equities analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.
Applied Industrial Technologies Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Thursday, May 15th will be given a dividend of $0.46 per share. The ex-dividend date is Thursday, May 15th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.80%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.47%.
Applied Industrial Technologies declared that its Board of Directors has authorized 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 often an indication that the company's management believes its stock is undervalued.
Applied Industrial Technologies Profile
(
Free Report)
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.
Further Reading
Before you consider Applied Industrial Technologies, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Applied Industrial Technologies wasn't on the list.
While Applied Industrial Technologies currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
