Koch Industries Inc. raised its position in Applied Industrial Technologies (NYSE:AIT) by 99.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,848 shares of the industrial products company’s stock after buying an additional 3,422 shares during the period. Koch Industries Inc.’s holdings in Applied Industrial Technologies were worth $499,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of AIT. Aperio Group LLC raised its position in Applied Industrial Technologies by 15.7% in the fourth quarter. Aperio Group LLC now owns 12,954 shares of the industrial products company’s stock valued at $882,000 after purchasing an additional 1,761 shares during the period. BlackRock Inc. raised its position in Applied Industrial Technologies by 2.7% in the fourth quarter. BlackRock Inc. now owns 6,058,895 shares of the industrial products company’s stock valued at $412,609,000 after purchasing an additional 159,368 shares during the period. Deutsche Bank AG raised its position in Applied Industrial Technologies by 19.7% in the fourth quarter. Deutsche Bank AG now owns 287,462 shares of the industrial products company’s stock valued at $19,574,000 after purchasing an additional 47,354 shares during the period. Stone Ridge Asset Management LLC purchased a new stake in Applied Industrial Technologies in the fourth quarter valued at approximately $1,364,000. Finally, Teacher Retirement System of Texas increased its position in shares of Applied Industrial Technologies by 314.4% during the fourth quarter. Teacher Retirement System of Texas now owns 13,367 shares of the industrial products company’s stock worth $910,000 after acquiring an additional 10,141 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.
NYSE AIT opened at $75.50 on Tuesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.84 and a quick ratio of 1.67. Applied Industrial Technologies has a 1 year low of $54.00 and a 1 year high of $76.05. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 26.58, a P/E/G ratio of 1.71 and a beta of 0.94.
Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, April 26th. The industrial products company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.11. Applied Industrial Technologies had a net margin of 5.40% and a return on equity of 17.52%. The business had revenue of $827.67 million during the quarter, compared to the consensus estimate of $803.23 million. During the same quarter in the prior year, the firm earned $0.75 earnings per share. The business’s quarterly revenue was up 21.8% compared to the same quarter last year. sell-side analysts anticipate that Applied Industrial Technologies will post 3.69 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 31st. Stockholders of record on Tuesday, May 15th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, May 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.59%. Applied Industrial Technologies’s dividend payout ratio (DPR) is 42.25%.
In other Applied Industrial Technologies news, Director Peter C. Wallace sold 737 shares of the stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $73.04, for a total value of $53,830.48. Following the completion of the transaction, the director now directly owns 22,374 shares of the company’s stock, valued at $1,634,196.96. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Joe Anthony Raver bought 1,585 shares of the company’s stock in a transaction on Tuesday, May 1st. The stock was bought at an average cost of $63.20 per share, with a total value of $100,172.00. Following the completion of the acquisition, the director now owns 3,982 shares of the company’s stock, valued at approximately $251,662.40. The disclosure for this purchase can be found here. 3.70% of the stock is currently owned by corporate insiders.
AIT has been the topic of a number of recent research reports. ValuEngine raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Zacks Investment Research lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, April 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $68.50.
Applied Industrial Technologies Company 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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