Hennessy Advisors Inc. Buys 28,700 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Hennessy Advisors Inc. increased its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 18.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 185,300 shares of the industrial products company’s stock after acquiring an additional 28,700 shares during the period. Applied Industrial Technologies makes up 1.5% of Hennessy Advisors Inc.’s investment portfolio, making the stock its 10th largest position. Hennessy Advisors Inc. owned about 0.48% of Applied Industrial Technologies worth $36,606,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. ICA Group Wealth Management LLC acquired a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $26,000. McGlone Suttner Wealth Management Inc. acquired a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $54,000. GAMMA Investing LLC acquired a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $86,000. Consolidated Planning Corp acquired a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $209,000. Finally, Riverwater Partners LLC acquired a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $212,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Jason W. Vasquez sold 650 shares of the business’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $196.71, for a total transaction of $127,861.50. Following the completion of the sale, the vice president now owns 22,960 shares in the company, valued at $4,516,461.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.20% of the stock is owned by insiders.

Analyst Ratings Changes

AIT has been the topic of a number of recent research reports. KeyCorp lifted their price target on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Oppenheimer initiated coverage on shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price objective on the stock. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $201.00.

Applied Industrial Technologies Stock Down 0.0 %

Shares of NYSE:AIT traded down $0.07 during midday trading on Friday, reaching $192.89. The company had a trading volume of 102,545 shares, compared to its average volume of 308,149. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.70. The stock’s fifty day moving average price is $190.29 and its 200-day moving average price is $185.13. The stock has a market capitalization of $7.45 billion, a P/E ratio of 20.23, a PEG ratio of 1.99 and a beta of 1.08. Applied Industrial Technologies, Inc. has a one year low of $138.38 and a one year high of $201.76.

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

Applied Industrial Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Wednesday, May 15th were paid a dividend of $0.37 per share. The ex-dividend date was Tuesday, May 14th. This represents a $1.48 annualized dividend and a yield of 0.77%. Applied Industrial Technologies’s payout ratio is 15.51%.

About Applied Industrial Technologies

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.