Putnam Investments LLC grew its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT – Free Report) by 3.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 125,936 shares of the industrial products company’s stock after purchasing an additional 4,784 shares during the quarter. Putnam Investments LLC owned approximately 0.33% of Applied Industrial Technologies worth $17,899,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Raymond James & Associates lifted its stake in shares of Applied Industrial Technologies by 13.1% in the first quarter. Raymond James & Associates now owns 14,939 shares of the industrial products company’s stock worth $1,534,000 after acquiring an additional 1,726 shares during the period. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Applied Industrial Technologies in the first quarter worth approximately $271,000. Citigroup Inc. lifted its stake in shares of Applied Industrial Technologies by 3.4% in the first quarter. Citigroup Inc. now owns 38,917 shares of the industrial products company’s stock worth $3,995,000 after acquiring an additional 1,262 shares during the period. Bank of Montreal Can lifted its stake in shares of Applied Industrial Technologies by 35.6% in the first quarter. Bank of Montreal Can now owns 16,704 shares of the industrial products company’s stock worth $1,702,000 after acquiring an additional 4,388 shares during the period. Finally, MetLife Investment Management LLC lifted its stake in shares of Applied Industrial Technologies by 53.9% in the first quarter. MetLife Investment Management LLC now owns 20,446 shares of the industrial products company’s stock worth $2,099,000 after acquiring an additional 7,164 shares during the period. 92.49% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on the company. Robert W. Baird lifted their price objective on Applied Industrial Technologies from $161.00 to $185.00 and gave the stock an “outperform” rating in a research note on Friday, August 11th. Loop Capital boosted their price target on Applied Industrial Technologies from $170.00 to $174.00 and gave the company a “buy” rating in a research note on Monday, August 14th. StockNews.com began coverage on Applied Industrial Technologies in a research note on Thursday, August 17th. They issued a “buy” rating on the stock. Finally, KeyCorp boosted their price target on Applied Industrial Technologies from $162.00 to $182.00 and gave the company an “overweight” rating in a research note on Friday, August 11th.
Applied Industrial Technologies Price Performance
Shares of AIT opened at $157.53 on Friday. Applied Industrial Technologies, Inc. has a 52-week low of $96.43 and a 52-week high of $162.67. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.12 and a current ratio of 3.05. The business’s 50 day moving average price is $149.32 and its two-hundred day moving average price is $140.03. The firm has a market cap of $6.09 billion, a PE ratio of 17.82 and a beta of 1.20.
Applied Industrial Technologies (NYSE:AIT – Get Free Report) last released its quarterly earnings data on Thursday, August 10th. The industrial products company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.17 by $0.18. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.12 billion. Applied Industrial Technologies had a return on equity of 25.62% and a net margin of 7.86%. The company’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.02 earnings per share. On average, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.02 EPS for the current year.
Applied Industrial Technologies Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Tuesday, August 15th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Monday, August 14th. This represents a $1.40 annualized dividend and a dividend yield of 0.89%. Applied Industrial Technologies’s dividend payout ratio is 15.84%.
Insider Activity
In other news, CEO Neil A. Schrimsher sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $153.67, for a total transaction of $4,610,100.00. Following the completion of the sale, the chief executive officer now owns 302,307 shares in the company, valued at $46,455,516.69. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Neil A. Schrimsher sold 9,889 shares of the company’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $154.16, for a total transaction of $1,524,488.24. Following the completion of the sale, the chief executive officer now owns 292,307 shares in the company, valued at $45,062,047.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Neil A. Schrimsher sold 30,000 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $153.67, for a total value of $4,610,100.00. Following the completion of the transaction, the chief executive officer now owns 302,307 shares of the company’s stock, valued at approximately $46,455,516.69. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
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.
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