MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $5.24 Million Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 4.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 21,892 shares of the industrial products company’s stock after purchasing an additional 848 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Applied Industrial Technologies were worth $5,242,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AIT. Larson Financial Group LLC boosted its stake in Applied Industrial Technologies by 5,900.0% in the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 118 shares during the period. Kestra Investment Management LLC acquired a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at $30,000. SBI Securities Co. Ltd. acquired a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at $44,000. Huntington National Bank boosted its stake in shares of Applied Industrial Technologies by 33.8% during the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company’s stock valued at $45,000 after buying an additional 47 shares during the period. Finally, Parkside Financial Bank & Trust boosted its stake in shares of Applied Industrial Technologies by 25.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company’s stock valued at $49,000 after buying an additional 41 shares during the period. Institutional investors and hedge funds own 93.52% of the company’s stock.

Wall Street Analyst Weigh In

AIT has been the subject of a number of research reports. StockNews.com lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Robert W. Baird lifted their target price on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. KeyCorp decreased their target price on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. Raymond James reissued an “outperform” rating and set a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Finally, Loop Capital decreased their target price on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $285.00.

Applied Industrial Technologies Stock Up 1.7%

AIT stock opened at $236.01 on Monday. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32. Applied Industrial Technologies, Inc. has a 1 year low of $181.35 and a 1 year high of $282.98. The company has a fifty day simple moving average of $226.47 and a 200 day simple moving average of $245.96. The firm has a market cap of $8.99 billion, a PE ratio of 23.91, a PEG ratio of 3.14 and a beta of 1.00.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business earned $2.48 EPS. Applied Industrial Technologies’s quarterly revenue was up 1.8% compared to the same quarter last year. Sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Thursday, May 15th will be issued a $0.46 dividend. The ex-dividend date is Thursday, May 15th. This represents a $1.84 annualized dividend and a yield of 0.78%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 18.47%.

Applied Industrial Technologies declared that its Board of Directors has approved a stock repurchase program on Thursday, May 1st that permits the company to repurchase 1,500,000 outstanding shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

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.