Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Purchased by First Trust Direct Indexing L.P.

First Trust Direct Indexing L.P. raised its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 14.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,734 shares of the industrial products company’s stock after purchasing an additional 224 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Applied Industrial Technologies were worth $299,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Applied Industrial Technologies by 6.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,895 shares of the industrial products company’s stock worth $1,221,000 after purchasing an additional 455 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Applied Industrial Technologies by 96.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 425,295 shares of the industrial products company’s stock worth $65,755,000 after acquiring an additional 208,315 shares in the last quarter. Oak Ridge Investments LLC purchased a new position in Applied Industrial Technologies in the 3rd quarter worth approximately $3,148,000. Fifth Third Bancorp grew its position in Applied Industrial Technologies by 580.1% in the third quarter. Fifth Third Bancorp now owns 1,367 shares of the industrial products company’s stock valued at $211,000 after acquiring an additional 1,166 shares in the last quarter. Finally, AlphaMark Advisors LLC purchased a new stake in shares of Applied Industrial Technologies during the third quarter valued at approximately $287,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Performance

AIT opened at $193.82 on Wednesday. The company has a current ratio of 3.77, a quick ratio of 2.70 and a debt-to-equity ratio of 0.34. The business’s 50 day moving average is $189.63 and its 200-day moving average is $177.01. The stock has a market cap of $7.48 billion, a PE ratio of 20.32, a price-to-earnings-growth ratio of 1.94 and a beta of 1.10. Applied Industrial Technologies, Inc. has a twelve month low of $122.24 and a twelve month high of $201.76.

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

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be given a $0.37 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $1.48 dividend on an annualized basis and a yield of 0.76%. Applied Industrial Technologies’s dividend payout ratio is presently 15.51%.

Analysts Set New Price Targets

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

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.