Applied Industrial Technologies, Inc. $AIT Shares Bought by Sei Investments Co.

Sei Investments Co. raised its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 25.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 111,625 shares of the industrial products company’s stock after purchasing an additional 22,946 shares during the quarter. Sei Investments Co.’s holdings in Applied Industrial Technologies were worth $29,616,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Torren Management LLC purchased a new stake in shares of Applied Industrial Technologies during the fourth quarter worth approximately $25,000. Anchor Investment Management LLC acquired a new stake in shares of Applied Industrial Technologies in the 4th quarter worth $32,000. V Square Quantitative Management LLC purchased a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $34,000. Allworth Financial LP increased its stake in shares of Applied Industrial Technologies by 446.4% during the third quarter. Allworth Financial LP now owns 153 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 125 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Applied Industrial Technologies during the fourth quarter worth about $46,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $349.13 on Tuesday. The business’s fifty day moving average price is $324.67 and its two-hundred day moving average price is $296.02. The stock has a market cap of $12.90 billion, a PE ratio of 32.97, a price-to-earnings-growth ratio of 2.99 and a beta of 0.83. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.97 and a current ratio of 2.95. Applied Industrial Technologies, Inc. has a one year low of $238.34 and a one year high of $349.89.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.63 by $0.02. Applied Industrial Technologies had a return on equity of 21.64% and a net margin of 8.34%.The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the previous year, the firm posted $2.57 earnings per share. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, analysts forecast that Applied Industrial Technologies, Inc. will post 10.71 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 19.26%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. KeyCorp raised their price objective on shares of Applied Industrial Technologies from $350.00 to $375.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. Robert W. Baird set a $317.00 target price on Applied Industrial Technologies in a research report on Wednesday, April 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Oppenheimer raised their target price on Applied Industrial Technologies from $300.00 to $350.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Finally, DA Davidson began coverage on shares of Applied Industrial Technologies in a research report on Tuesday, June 16th. They set a “buy” rating and a $380.00 price target for the company. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Applied Industrial Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $336.71.

Insider Transactions at Applied Industrial Technologies

In related news, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the sale, the director owned 4,951 shares in the company, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Warren E. Hoffner III sold 8,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total transaction of $2,448,320.00. Following the completion of the transaction, the vice president directly owned 40,751 shares of the company’s stock, valued at $12,471,436.04. The trade was a 16.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.