Nebula Research & Development LLC purchased a new position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,576 shares of the industrial products company's stock, valued at approximately $377,000.
Other institutional investors have also recently made changes to their positions in the company. Barclays PLC lifted its position in Applied Industrial Technologies by 156.6% during the third quarter. Barclays PLC now owns 74,109 shares of the industrial products company's stock valued at $16,537,000 after purchasing an additional 45,224 shares during the period. Franklin Resources Inc. raised its position in shares of Applied Industrial Technologies by 14.3% during the 3rd quarter. Franklin Resources Inc. now owns 233,655 shares of the industrial products company's stock valued at $53,238,000 after purchasing an additional 29,288 shares during the period. Versant Capital Management Inc lifted its position in shares of Applied Industrial Technologies by 16.8% in the fourth quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company's stock valued at $91,000 after acquiring an additional 55 shares in the last quarter. GAMMA Investing LLC boosted its stake in Applied Industrial Technologies by 10.5% in the 4th quarter. GAMMA Investing LLC now owns 933 shares of the industrial products company's stock worth $223,000 after purchasing an additional 89 shares during the period. Finally, Nordea Investment Management AB grew its stake in Applied Industrial Technologies by 5.0% during the fourth quarter. Nordea Investment Management AB now owns 202,050 shares of the industrial products company's stock valued at $48,540,000 after acquiring an additional 9,667 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on the stock. KeyCorp decreased their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. StockNews.com cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Loop Capital lowered their price target on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Robert W. Baird boosted their price objective on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Finally, Raymond James reiterated an "outperform" rating and issued a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $285.00.
View Our Latest Stock Report on AIT
Applied Industrial Technologies Price Performance
Shares of NYSE:AIT traded down $2.91 during trading on Tuesday, reaching $221.21. 86,475 shares of the company's stock traded hands, compared to its average volume of 296,493. The firm has a market cap of $8.49 billion, a PE ratio of 22.42, a P/E/G ratio of 3.14 and a beta of 1.00. 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 quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. The company has a 50-day simple moving average of $227.89 and a 200-day simple moving average of $246.22.
Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.17. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. The business had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same period in the previous year, the business earned $2.48 earnings per share. The business's revenue was up 1.8% compared to the same quarter last year. As a group, analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.
Applied Industrial Technologies announced that its board 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 generally an indication that the company's management believes its shares are undervalued.
Applied Industrial Technologies Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Thursday, May 15th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.83%. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.
About Applied Industrial Technologies
(
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.
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