Nordea Investment Management AB Purchases Shares of 197,427 Applied Industrial Technologies, Inc. (NYSE:AIT)

Nordea Investment Management AB purchased a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 197,427 shares of the industrial products company’s stock, valued at approximately $39,093,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. ICA Group Wealth Management LLC bought a new position in Applied Industrial Technologies during the 4th quarter valued at approximately $26,000. ZRC Wealth Management LLC bought a new position in Applied Industrial Technologies during the 1st quarter valued at approximately $42,000. McGlone Suttner Wealth Management Inc. bought a new position in Applied Industrial Technologies during the 4th quarter valued at approximately $54,000. GAMMA Investing LLC bought a new position in shares of Applied Industrial Technologies in the 4th quarter worth approximately $86,000. Finally, Consolidated Planning Corp bought a new position in shares of Applied Industrial Technologies in the 4th quarter worth approximately $209,000. Institutional investors own 93.52% of the company’s stock.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Jason W. Vasquez sold 650 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $196.71, for a total transaction of $127,861.50. Following the sale, the vice president now directly owns 22,960 shares in the company, valued at approximately $4,516,461.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on AIT shares. KeyCorp increased their target price on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Oppenheimer started coverage on Applied Industrial Technologies in a research report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 target price for the company. Finally, Northcoast Research started coverage on Applied Industrial Technologies in a research report on Monday, July 1st. They issued a “neutral” rating for the company. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Applied Industrial Technologies has a consensus rating of “Moderate Buy” and an average price target of $201.00.

Applied Industrial Technologies Stock Down 0.4 %

AIT stock opened at $188.68 on Tuesday. Applied Industrial Technologies, Inc. has a twelve month low of $138.38 and a twelve month high of $201.76. The company has a quick ratio of 2.70, a current ratio of 3.77 and a debt-to-equity ratio of 0.34. The firm has a market cap of $7.28 billion, a PE ratio of 19.78, a price-to-earnings-growth ratio of 1.87 and a beta of 1.06. The business has a 50 day moving average of $191.35 and a 200 day moving average of $186.30.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.08. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the company earned $2.38 EPS. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. On average, research analysts forecast that Applied Industrial Technologies, Inc. will post 9.62 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date is Thursday, August 15th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.51%.

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.