Stevens Capital Management LP Purchases New Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Stevens Capital Management LP purchased a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT) during the first quarter, Holdings Channel reports. The institutional investor purchased 911 shares of the industrial products company’s stock, valued at approximately $205,000.

A number of other hedge funds have also modified their holdings of AIT. MassMutual Private Wealth & Trust FSB raised its holdings in Applied Industrial Technologies by 51.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company’s stock worth $29,000 after buying an additional 44 shares during the period. Harbor Investment Advisory LLC raised its holdings in Applied Industrial Technologies by 97.5% during the 1st quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company’s stock worth $36,000 after buying an additional 79 shares during the period. Wayfinding Financial LLC acquired a new stake in Applied Industrial Technologies during the 1st quarter worth approximately $38,000. Opal Wealth Advisors LLC acquired a new stake in Applied Industrial Technologies during the 1st quarter worth approximately $41,000. Finally, Huntington National Bank raised its holdings in Applied Industrial Technologies by 33.8% during the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company’s stock worth $45,000 after buying an additional 47 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Price Performance

NYSE AIT opened at $271.85 on Friday. 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, Inc. has a 12-month low of $188.71 and a 12-month high of $282.98. The company has a market capitalization of $10.35 billion, a PE ratio of 27.29, a price-to-earnings-growth ratio of 3.31 and a beta of 0.91. The firm’s 50 day moving average is $238.77 and its 200-day moving average is $238.87.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data 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. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the company earned $2.48 earnings per share. The firm’s revenue was up 1.8% compared to the same quarter last year. Equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies declared that its board has authorized a stock repurchase plan on Thursday, May 1st that permits the company to repurchase 1,500,000 shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a $0.46 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.84 annualized dividend and a dividend yield of 0.68%. Applied Industrial Technologies’s dividend payout ratio is presently 18.47%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AIT. Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday. Raymond James Financial reiterated an “outperform” rating and issued a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Finally, Loop Capital lowered their price objective on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $285.00.

Applied Industrial Technologies 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.