Assetmark Inc. Acquires 2,634 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Assetmark Inc. raised its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 60.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,005 shares of the industrial products company’s stock after buying an additional 2,634 shares during the quarter. Assetmark Inc.’s holdings in Applied Industrial Technologies were worth $1,579,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB lifted its stake in Applied Industrial Technologies by 51.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 44 shares during the period. Harbor Investment Advisory LLC lifted its position in shares of Applied Industrial Technologies by 97.5% in the 1st quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 79 shares during the period. Wayfinding Financial LLC purchased a new stake in shares of Applied Industrial Technologies in the 1st quarter worth about $38,000. Opal Wealth Advisors LLC bought a new stake in shares of Applied Industrial Technologies during the 1st quarter valued at about $41,000. Finally, Huntington National Bank increased its position in shares of Applied Industrial Technologies by 33.8% during the fourth 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. 93.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Loop Capital lowered their target price on 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. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $285.00.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $273.67 on Thursday. The company has a 50 day simple moving average of $241.47 and a two-hundred day simple moving average of $239.48. Applied Industrial Technologies, Inc. has a fifty-two week low of $188.71 and a fifty-two week high of $282.98. The company has a market capitalization of $10.42 billion, a price-to-earnings ratio of 27.48, a P/E/G ratio of 3.32 and a beta of 0.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.17. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the company earned $2.48 EPS. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. Analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 0.67%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is 18.47%.

Applied Industrial Technologies declared that its Board of Directors has authorized a share repurchase program on Thursday, May 1st that permits the company to repurchase 1,500,000 shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Applied Industrial Technologies 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.