Applied Industrial Technologies, Inc. (NYSE:AIT) Position Raised by Russell Investments Group Ltd.

Posted by Defense World Staff on May 14th, 2023

Russell Investments Group Ltd. boosted its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) by 6.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 68,098 shares of the industrial products company’s stock after buying an additional 4,421 shares during the quarter. Russell Investments Group Ltd. owned 0.18% of Applied Industrial Technologies worth $8,595,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Ellevest Inc. grew its position in Applied Industrial Technologies by 30.7% in the third quarter. Ellevest Inc. now owns 370 shares of the industrial products company’s stock worth $38,000 after buying an additional 87 shares during the last quarter. Captrust Financial Advisors grew its position in Applied Industrial Technologies by 2.9% in the second quarter. Captrust Financial Advisors now owns 3,404 shares of the industrial products company’s stock worth $327,000 after buying an additional 97 shares during the last quarter. Van ECK Associates Corp grew its position in Applied Industrial Technologies by 9.9% in the third quarter. Van ECK Associates Corp now owns 1,114 shares of the industrial products company’s stock worth $114,000 after buying an additional 100 shares during the last quarter. Meritage Portfolio Management grew its position in Applied Industrial Technologies by 3.6% during the 4th quarter. Meritage Portfolio Management now owns 3,196 shares of the industrial products company’s stock worth $403,000 after purchasing an additional 112 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in Applied Industrial Technologies by 1.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 12,820 shares of the industrial products company’s stock worth $1,616,000 after purchasing an additional 124 shares in the last quarter. Institutional investors and hedge funds own 92.02% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Loop Capital lifted their price objective on shares of Applied Industrial Technologies from $150.00 to $170.00 and gave the stock a “buy” rating in a research report on Friday, January 27th. KeyCorp lifted their price objective on shares of Applied Industrial Technologies from $138.00 to $162.00 and gave the stock an “overweight” rating in a research report on Friday, January 27th. Robert W. Baird lifted their price objective on shares of Applied Industrial Technologies from $160.00 to $161.00 in a research report on Friday, April 28th. Finally, StockNews.com assumed coverage on shares of Applied Industrial Technologies in a research report on Thursday, March 16th. They set a “buy” rating on the stock.

Insider Activity

In other news, CEO Neil A. Schrimsher sold 21,526 shares of the business’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $145.06, for a total transaction of $3,122,561.56. Following the transaction, the chief executive officer now directly owns 318,218 shares in the company, valued at approximately $46,160,703.08. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Neil A. Schrimsher sold 4,186 shares of the company’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $145.00, for a total value of $606,970.00. Following the completion of the sale, the chief executive officer now directly owns 339,744 shares in the company, valued at $49,262,880. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil A. Schrimsher sold 21,526 shares of the company’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $145.06, for a total transaction of $3,122,561.56. Following the completion of the sale, the chief executive officer now owns 318,218 shares of the company’s stock, valued at $46,160,703.08. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.

Applied Industrial Technologies Trading Up 1.4 %

Applied Industrial Technologies stock opened at $129.19 on Friday. The company’s fifty day simple moving average is $134.88 and its 200-day simple moving average is $132.16. The company has a quick ratio of 2.04, a current ratio of 3.14 and a debt-to-equity ratio of 0.43. Applied Industrial Technologies, Inc. has a 12 month low of $88.09 and a 12 month high of $149.42. The stock has a market cap of $4.99 billion, a P/E ratio of 15.18 and a beta of 1.19.

Applied Industrial Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Stockholders of record on Monday, May 15th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend is Friday, May 12th. Applied Industrial Technologies’s dividend payout ratio is currently 16.45%.

About Applied Industrial Technologies

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Applied Industrial Technologies, Inc engages in the manufacture and distribution of industrial parts and products. It operates through the Service Center Based Distribution, and Fluid Power & Flow Control Business segments. The Service Center-Based Distribution segment provides customers with a wide range of industrial products through a network of service centers.