Applied Industrial Technologies, Inc. $AIT Shares Bought by Tema ETFs LLC

Tema ETFs LLC raised its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 20.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 53,040 shares of the industrial products company’s stock after buying an additional 8,920 shares during the quarter. Tema ETFs LLC’s holdings in Applied Industrial Technologies were worth $17,935,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Applied Industrial Technologies in the 4th quarter worth approximately $125,044,000. Thrivent Financial for Lutherans increased its stake in Applied Industrial Technologies by 1,628.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company’s stock valued at $50,570,000 after purchasing an additional 185,553 shares in the last quarter. M&T Bank Corp increased its stake in Applied Industrial Technologies by 33,181.4% during the 4th quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company’s stock valued at $81,322,000 after purchasing an additional 299,960 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Applied Industrial Technologies by 40.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company’s stock worth $5,539,000 after buying an additional 6,254 shares during the last quarter. Finally, Mutual of America Capital Management LLC raised its holdings in shares of Applied Industrial Technologies by 38.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 96,438 shares of the industrial products company’s stock worth $24,762,000 after buying an additional 26,612 shares during the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Trading Down 1.1%

Shares of Applied Industrial Technologies stock opened at $353.71 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.95 and a quick ratio of 1.97. The firm has a fifty day moving average price of $334.46 and a 200 day moving average price of $301.87. Applied Industrial Technologies, Inc. has a 1 year low of $238.34 and a 1 year high of $363.59. The stock has a market cap of $13.07 billion, a PE ratio of 33.40, a price-to-earnings-growth ratio of 3.08 and a beta of 0.84.

Applied Industrial Technologies Dividend Announcement

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

Analysts Set New Price Targets

AIT has been the topic of a number of research analyst reports. Robert W. Baird set a $317.00 price objective on shares of Applied Industrial Technologies in a report on Wednesday, April 29th. KeyCorp raised their target price on Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Mizuho raised their price objective on Applied Industrial Technologies from $330.00 to $355.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 21st. Finally, Oppenheimer lifted their target price on Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $336.71.

Insiders Place Their Bets

In other Applied Industrial Technologies 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 transaction, 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 filing with the SEC, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Applied Industrial Technologies 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.