Polar Asset Management Partners Inc. Acquires New Shares in Applied Industrial Technologies, Inc. $AIT

Polar Asset Management Partners Inc. bought a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the first quarter, Holdings Channel.com reports. The fund bought 4,013 shares of the industrial products company’s stock, valued at approximately $1,065,000.

Other institutional investors have also recently made changes to their positions in the company. Torren Management LLC purchased a new stake in Applied Industrial Technologies during the 4th quarter worth about $25,000. Anchor Investment Management LLC bought a new position in Applied Industrial Technologies in the 4th quarter worth about $32,000. V Square Quantitative Management LLC purchased a new position in Applied Industrial Technologies during the 4th quarter valued at about $34,000. Allworth Financial LP increased its position 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 valued at $40,000 after buying an additional 125 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Applied Industrial Technologies during the fourth quarter valued at about $46,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Insider Buying and Selling at Applied Industrial Technologies

In related news, Director Madhuri A. Andrews sold 3,845 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total value of $1,268,427.05. Following the completion of the transaction, the director directly owned 4,951 shares in the company, valued at approximately $1,633,285.39. The trade was a 43.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Warren E. Hoffner III sold 8,000 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total value of $2,448,320.00. Following the completion of the transaction, the vice president directly owned 40,751 shares in the company, valued at approximately $12,471,436.04. This represents a 16.41% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Trading Up 0.6%

Shares of AIT opened at $349.13 on Tuesday. The firm’s 50 day simple moving average is $324.67 and its 200 day simple moving average is $296.02. The company has a market capitalization of $12.90 billion, a P/E ratio of 32.97, a P/E/G ratio of 2.99 and a beta of 0.83. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.95 and a quick ratio of 1.97. Applied Industrial Technologies, Inc. has a 1-year low of $238.34 and a 1-year high of $349.89.

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

Applied Industrial Technologies Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AIT. Oppenheimer increased their price target on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. KeyCorp upped their target price on shares of Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an “overweight” rating in a report on Monday, July 13th. Mizuho raised their price target on shares of Applied Industrial Technologies from $330.00 to $355.00 and gave the company an “outperform” rating in a report on Tuesday, July 21st. DA Davidson assumed 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. Finally, Robert W. Baird set a $317.00 price objective on Applied Industrial Technologies in a research 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $336.71.

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.