GAMMA Investing LLC Acquires New Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

GAMMA Investing LLC purchased a new position in Applied Industrial Technologies, Inc. (NYSE:AIT) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 488 shares of the industrial products company’s stock, valued at approximately $86,000.

Several other institutional investors have also added to or reduced their stakes in AIT. FMR LLC raised its position in Applied Industrial Technologies by 38.5% in the third quarter. FMR LLC now owns 1,625,565 shares of the industrial products company’s stock worth $251,329,000 after acquiring an additional 451,876 shares during the period. Allspring Global Investments Holdings LLC raised its position in Applied Industrial Technologies by 96.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 425,295 shares of the industrial products company’s stock worth $65,755,000 after acquiring an additional 208,315 shares during the period. Charles Schwab Investment Management Inc. raised its position in Applied Industrial Technologies by 30.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 547,945 shares of the industrial products company’s stock worth $84,718,000 after acquiring an additional 128,629 shares during the period. Premier Fund Managers Ltd raised its position in shares of Applied Industrial Technologies by 70.7% during the 3rd quarter. Premier Fund Managers Ltd now owns 241,600 shares of the industrial products company’s stock valued at $38,094,000 after purchasing an additional 100,100 shares during the period. Finally, Invesco Ltd. raised its position in shares of Applied Industrial Technologies by 15.0% during the 3rd quarter. Invesco Ltd. now owns 750,914 shares of the industrial products company’s stock valued at $116,099,000 after purchasing an additional 98,144 shares during the period. 93.52% of the stock is currently owned by institutional investors.

Insider Activity at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 2,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total transaction of $364,680.00. Following the completion of the transaction, the vice president now directly owns 57,155 shares of the company’s stock, valued at $10,421,642.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on AIT. Oppenheimer began coverage on shares of Applied Industrial Technologies in a research report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price objective on the stock. KeyCorp raised their price objective on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Industrial Technologies presently has an average rating of “Buy” and a consensus target price of $201.00.

Applied Industrial Technologies Stock Performance

AIT opened at $184.72 on Tuesday. The stock has a market capitalization of $7.14 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 1.88 and a beta of 1.08. The company has a fifty day moving average of $189.78 and a 200 day moving average of $175.85. Applied Industrial Technologies, Inc. has a fifty-two week low of $122.24 and a fifty-two week high of $201.76. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.70 and a current ratio of 3.77.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.08. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. Applied Industrial Technologies’s quarterly revenue was down 2.8% on a year-over-year basis. During the same period last year, the company posted $2.38 earnings per share. As a group, sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 9.6 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be paid a dividend of $0.37 per share. The ex-dividend date is Tuesday, May 14th. This represents a $1.48 annualized dividend and a yield of 0.80%. Applied Industrial Technologies’s payout ratio is 15.51%.

About Applied Industrial Technologies

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.