Mutual of America Capital Management LLC Acquires 7,073 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Mutual of America Capital Management LLC grew its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 11.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,225 shares of the industrial products company’s stock after acquiring an additional 7,073 shares during the period. Mutual of America Capital Management LLC owned 0.18% of Applied Industrial Technologies worth $15,148,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of AIT. National Bank of Canada FI acquired a new position in Applied Industrial Technologies during the fourth quarter worth approximately $54,000. Wells Fargo & Company MN raised its position in Applied Industrial Technologies by 19.0% during the fourth quarter. Wells Fargo & Company MN now owns 54,586 shares of the industrial products company’s stock valued at $13,072,000 after purchasing an additional 8,712 shares in the last quarter. Aviva PLC increased its holdings in shares of Applied Industrial Technologies by 8.2% during the fourth quarter. Aviva PLC now owns 2,290 shares of the industrial products company’s stock worth $548,000 after buying an additional 174 shares in the last quarter. Wedbush Securities Inc. increased its holdings in shares of Applied Industrial Technologies by 28.8% during the fourth quarter. Wedbush Securities Inc. now owns 1,534 shares of the industrial products company’s stock worth $367,000 after buying an additional 343 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Applied Industrial Technologies by 1.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 50,281 shares of the industrial products company’s stock valued at $12,041,000 after purchasing an additional 485 shares during the period. Institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Down 1.7%

Shares of NYSE:AIT opened at $264.62 on Thursday. The firm has a fifty day moving average price of $245.70 and a two-hundred day moving average price of $239.96. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51. Applied Industrial Technologies, Inc. has a one year low of $189.18 and a one year high of $282.98. The company has a market cap of $10.08 billion, a price-to-earnings ratio of 26.57, a PEG ratio of 3.28 and a beta of 0.94.

Applied Industrial Technologies declared that its Board of Directors has approved a stock buyback plan 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. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 18.47%.

Wall Street Analysts Forecast Growth

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

Applied Industrial Technologies Company 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.