Amalgamated Bank Sells 775 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Amalgamated Bank lowered its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 4.4% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 16,895 shares of the industrial products company’s stock after selling 775 shares during the period. Amalgamated Bank’s holdings in Applied Industrial Technologies were worth $3,807,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in AIT. Larson Financial Group LLC grew its position in Applied Industrial Technologies by 5,900.0% during the fourth quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company’s stock valued at $29,000 after buying an additional 118 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in Applied Industrial Technologies by 51.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company’s stock valued at $29,000 after buying an additional 44 shares during the period. Harbor Investment Advisory LLC grew its position in Applied Industrial Technologies by 97.5% during the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company’s stock valued at $36,000 after buying an additional 79 shares during the period. Opal Wealth Advisors LLC bought a new position in Applied Industrial Technologies during the first quarter valued at about $41,000. Finally, SBI Securities Co. Ltd. bought a new position in Applied Industrial Technologies during the fourth quarter valued at about $44,000. Institutional investors own 93.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AIT. KeyCorp cut their target price on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. Raymond James Financial reiterated an “outperform” rating and set a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Loop Capital cut their target price on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Finally, Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Sunday, June 22nd. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Buy” and an average target price of $285.00.

Applied Industrial Technologies Trading Up 0.1%

Shares of Applied Industrial Technologies stock opened at $245.48 on Friday. Applied Industrial Technologies, Inc. has a 12-month low of $182.21 and a 12-month high of $282.98. The company has a market cap of $9.35 billion, a price-to-earnings ratio of 24.65, a PEG ratio of 2.97 and a beta of 0.91. The company has a current ratio of 3.57, a quick ratio of 2.51 and a debt-to-equity ratio of 0.31. The company’s 50-day moving average price is $229.95 and its 200-day moving average price is $237.48.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.17. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the firm posted $2.48 earnings per share. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies announced that its Board of Directors has initiated a share repurchase program on Thursday, May 1st that permits the company to repurchase 1,500,000 outstanding shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies’s payout ratio is 18.47%.

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.