Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp raised its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 44.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 11,181 shares of the industrial products company’s stock after purchasing an additional 3,424 shares during the period. Van ECK Associates Corp’s holdings in Applied Industrial Technologies were worth $1,931,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. FMR LLC raised its stake in Applied Industrial Technologies by 38.5% during the third quarter. FMR LLC now owns 1,625,565 shares of the industrial products company’s stock valued at $251,329,000 after buying an additional 451,876 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Applied Industrial Technologies by 96.0% during 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 purchasing an additional 208,315 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings 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 purchasing an additional 128,629 shares during the period. Premier Fund Managers Ltd increased its stake in Applied Industrial Technologies by 70.7% during the third 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 last quarter. Finally, Invesco Ltd. raised its holdings in shares of Applied Industrial Technologies by 15.0% during the third quarter. Invesco Ltd. now owns 750,914 shares of the industrial products company’s stock worth $116,099,000 after purchasing an additional 98,144 shares during the period. Institutional investors and hedge funds own 93.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on AIT shares. KeyCorp boosted 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. Oppenheimer assumed coverage on Applied Industrial Technologies in a report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price target on the stock. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $201.00.

Applied Industrial Technologies Trading Up 0.1 %

Applied Industrial Technologies stock opened at $193.97 on Thursday. The firm has a 50-day moving average price of $189.70 and a two-hundred day moving average price of $177.13. Applied Industrial Technologies, Inc. has a 52-week low of $122.24 and a 52-week high of $201.76. The firm has a market capitalization of $7.49 billion, a price-to-earnings ratio of 20.33, a PEG ratio of 1.94 and a beta of 1.10. The company has a quick ratio of 2.70, a current ratio of 3.77 and a debt-to-equity ratio of 0.34.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.08. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.38 EPS. Sell-side analysts expect that Applied Industrial Technologies, Inc. will post 9.6 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 0.76%. The ex-dividend date is Tuesday, May 14th. Applied Industrial Technologies’s payout ratio is currently 15.51%.

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.