Polar Asset Management Partners Inc. Buys New Position in Applied Industrial Technologies, Inc. $AIT

Polar Asset Management Partners Inc. purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,013 shares of the industrial products company’s stock, valued at approximately $1,065,000.

Several other large investors have also bought and sold shares of the stock. Torren Management LLC purchased a new position in Applied Industrial Technologies during the 4th quarter worth $25,000. Anchor Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $32,000. V Square Quantitative Management LLC bought a new position in shares of Applied Industrial Technologies during the fourth quarter valued at about $34,000. Allworth Financial LP lifted its position in shares of Applied Industrial Technologies by 446.4% during the third quarter. Allworth Financial LP now owns 153 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 125 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of Applied Industrial Technologies by 78.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 78 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AIT has been the subject of a number of recent analyst reports. Wall Street Zen downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Mizuho lifted their target price on shares of Applied Industrial Technologies from $330.00 to $355.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 21st. Oppenheimer boosted their target price on Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Finally, Robert W. Baird set a $317.00 price target on Applied Industrial Technologies in a research report on Wednesday, April 29th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $336.71.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $349.13 on Tuesday. The company has a market capitalization of $12.90 billion, a PE ratio of 32.97, a price-to-earnings-growth ratio of 2.99 and a beta of 0.83. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.97 and a current ratio of 2.95. Applied Industrial Technologies, Inc. has a 52-week low of $238.34 and a 52-week high of $349.89. The company has a 50-day simple moving average of $324.67 and a 200 day simple moving average of $296.02.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.02. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Applied Industrial Technologies had a net margin of 8.34% and a return on equity of 21.64%. The company’s revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.57 EPS. On average, research analysts predict that Applied Industrial Technologies, Inc. will post 10.71 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 19.26%.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 8,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $306.04, for a total value of $2,448,320.00. Following the sale, the vice president directly owned 40,751 shares in the company, valued at $12,471,436.04. The trade was a 16.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Madhuri A. Andrews sold 3,845 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the transaction, the director owned 4,951 shares of the company’s stock, valued at $1,633,285.39. The trade was a 43.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Profile

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.