Mitsubishi UFJ Asset Management Co. Ltd. Purchases 111 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 4.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,659 shares of the industrial products company’s stock after acquiring an additional 111 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Applied Industrial Technologies were worth $599,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB raised its holdings in Applied Industrial Technologies by 51.2% during the 1st 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 raised its holdings in Applied Industrial Technologies by 97.5% during the 1st 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. Wayfinding Financial LLC purchased a new stake in Applied Industrial Technologies during the 1st quarter valued at $38,000. Opal Wealth Advisors LLC purchased a new stake in Applied Industrial Technologies during the 1st quarter valued at $41,000. Finally, Quarry LP purchased a new stake in Applied Industrial Technologies during the 4th quarter valued at $51,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on AIT shares. Raymond James Financial reiterated an “outperform” rating and issued a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Loop Capital reduced their target price on Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Finally, Wall Street Zen upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $285.00.

Applied Industrial Technologies Price Performance

AIT opened at $275.76 on Thursday. Applied Industrial Technologies, Inc. has a 12-month low of $189.18 and a 12-month high of $282.98. 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 business’s fifty day simple moving average is $249.66 and its 200-day simple moving average is $240.18. The company has a market capitalization of $10.50 billion, a price-to-earnings ratio of 27.69, a PEG ratio of 3.30 and a beta of 0.94.

Applied Industrial Technologies announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that authorizes the company to buyback 1,500,000 outstanding shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.84 dividend on an annualized basis and a yield of 0.7%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 18.47%.

Applied Industrial Technologies 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.