GAMMA Investing LLC Takes $86,000 Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

GAMMA Investing LLC acquired a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 488 shares of the industrial products company’s stock, valued at approximately $86,000.

Other large investors have also made changes to their positions in the company. Huntington National Bank boosted its holdings in shares of Applied Industrial Technologies by 963.2% in the 3rd quarter. Huntington National Bank now owns 202 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 183 shares during the last quarter. NBC Securities Inc. purchased a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at $40,000. Legacy Financial Group LLC acquired a new position in shares of Applied Industrial Technologies in the 3rd quarter valued at $52,000. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Applied Industrial Technologies in the 4th quarter valued at $54,000. Finally, Fifth Third Bancorp lifted its stake in shares of Applied Industrial Technologies by 580.1% in the 3rd quarter. Fifth Third Bancorp now owns 1,367 shares of the industrial products company’s stock valued at $211,000 after purchasing an additional 1,166 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AIT has been the subject of several analyst reports. Oppenheimer initiated coverage on shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 target price for the company. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $201.00.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $184.72 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.70 and a current ratio of 3.77. The company has a fifty day moving average of $189.78 and a two-hundred day moving average of $175.85. The stock has a market capitalization of $7.14 billion, a PE ratio of 19.36, a P/E/G ratio of 1.88 and a beta of 1.08. Applied Industrial Technologies, Inc. has a fifty-two week low of $122.24 and a fifty-two week high of $201.76.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.08. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.38 earnings per share. As a group, research analysts forecast that Applied Industrial Technologies, Inc. will post 9.6 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date of this dividend is Tuesday, May 14th. Applied Industrial Technologies’s dividend payout ratio is presently 15.51%.

Insiders Place Their Bets

In other news, VP Warren E. Hoffner III sold 2,000 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $182.34, for a total value of $364,680.00. Following the completion of the sale, the vice president now directly owns 57,155 shares in the company, valued at $10,421,642.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is currently owned by company insiders.

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.