ClariVest Asset Management LLC purchased a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 61,339 shares of the industrial products company’s stock, valued at approximately $4,473,000.
Several other institutional investors have also added to or reduced their stakes in AIT. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Applied Industrial Technologies by 39.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,600 shares of the industrial products company’s stock valued at $177,000 after buying an additional 730 shares during the last quarter. Verity Asset Management Inc. bought a new position in shares of Applied Industrial Technologies in the fourth quarter valued at about $206,000. LPL Financial LLC acquired a new stake in Applied Industrial Technologies in the fourth quarter worth about $212,000. SG Americas Securities LLC acquired a new stake in Applied Industrial Technologies in the first quarter worth about $261,000. Finally, FDx Advisors Inc. acquired a new stake in Applied Industrial Technologies in the first quarter worth about $274,000. 92.36% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently commented on AIT. Zacks Investment Research lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, March 28th. ValuEngine lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Friday, April 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the stock. Applied Industrial Technologies currently has a consensus rating of “Hold” and an average target price of $68.50.
In other news, Director Joe Anthony Raver acquired 1,585 shares of the stock in a transaction that occurred on Tuesday, May 1st. The stock was purchased at an average cost of $63.20 per share, for a total transaction of $100,172.00. Following the completion of the transaction, the director now directly owns 3,982 shares in the company, valued at $251,662.40. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.70% of the stock is owned by company insiders.
Shares of AIT stock opened at $71.35 on Friday. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.84 and a quick ratio of 1.67. The stock has a market capitalization of $2.76 billion, a P/E ratio of 25.16, a PEG ratio of 1.61 and a beta of 0.95. Applied Industrial Technologies, Inc. has a 12 month low of $54.00 and a 12 month high of $75.40.
Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, April 26th. The industrial products company reported $0.93 EPS for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.11. The firm had revenue of $827.67 million during the quarter, compared to analyst estimates of $803.23 million. Applied Industrial Technologies had a return on equity of 17.52% and a net margin of 5.40%. The company’s revenue was up 21.8% on a year-over-year basis. During the same period last year, the company earned $0.75 earnings per share. equities analysts anticipate that Applied Industrial Technologies, Inc. will post 3.69 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 31st. Investors of record on Tuesday, May 15th will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, May 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.68%. Applied Industrial Technologies’s payout ratio is 42.25%.
Applied Industrial Technologies Profile
Applied Industrial Technologies, Inc distributes industrial products in the United States, Puerto Rico, Canada, Mexico, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center-Based Distribution and Fluid Power Businesses.
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