Algert Global LLC Purchases 16,401 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Algert Global LLC lifted its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 52.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 47,547 shares of the industrial products company’s stock after acquiring an additional 16,401 shares during the period. Algert Global LLC’s holdings in Applied Industrial Technologies were worth $11,386,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in AIT. Barclays PLC lifted its stake 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 worth $16,537,000 after purchasing an additional 45,224 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Applied Industrial Technologies during the 4th quarter worth $44,000. Nordea Investment Management AB lifted its position in shares of Applied Industrial Technologies by 5.0% during the 4th quarter. Nordea Investment Management AB now owns 202,050 shares of the industrial products company’s stock worth $48,540,000 after buying an additional 9,667 shares during the last quarter. Mountain Pacific Investment Advisers LLC boosted its stake in Applied Industrial Technologies by 36.6% in the fourth quarter. Mountain Pacific Investment Advisers LLC now owns 46,155 shares of the industrial products company’s stock valued at $11,053,000 after buying an additional 12,364 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in Applied Industrial Technologies by 14.3% in the third quarter. Franklin Resources Inc. now owns 233,655 shares of the industrial products company’s stock valued at $53,238,000 after acquiring an additional 29,288 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on AIT shares. KeyCorp reduced 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 lowered 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 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. Robert W. Baird raised their price objective on 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 reaffirmed an “outperform” rating and issued a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $285.00.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $227.79 on Friday. The stock has a market cap of $8.74 billion, a price-to-earnings ratio of 23.08, a P/E/G ratio of 3.14 and a beta of 1.01. Applied Industrial Technologies, Inc. has a twelve month low of $181.35 and a twelve month high of $282.98. The company’s fifty day moving average is $228.31 and its 200 day moving average is $246.20. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results 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 firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the company posted $2.48 EPS. The business’s revenue was up 1.8% on a year-over-year basis. Sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies announced that its board has authorized 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 usually an indication that the company’s leadership believes its stock is undervalued.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 15th will be issued a dividend of $0.46 per share. The ex-dividend date is Thursday, May 15th. This represents a $1.84 annualized dividend and a yield of 0.81%. Applied Industrial Technologies’s payout ratio is 18.64%.

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.