6,650 Shares in Applied Industrial Technologies, Inc. (NYSE:AIT) Purchased by Jackson Creek Investment Advisors LLC

Jackson Creek Investment Advisors LLC acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 6,650 shares of the industrial products company's stock, valued at approximately $1,499,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Applied Industrial Technologies by 51.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after buying an additional 44 shares during the last quarter. Harbor Investment Advisory LLC increased its position in Applied Industrial Technologies by 97.5% in the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after purchasing an additional 79 shares during the last quarter. Wayfinding Financial LLC purchased a new position in Applied Industrial Technologies during the first quarter worth $38,000. Opal Wealth Advisors LLC purchased a new position in Applied Industrial Technologies during the first quarter worth $41,000. Finally, Huntington National Bank boosted its stake in shares of Applied Industrial Technologies by 33.8% during the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock valued at $45,000 after purchasing an additional 47 shares during the period. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Price Performance

AIT stock traded down $0.05 during midday trading on Friday, reaching $261.89. The stock had a trading volume of 9,254 shares, compared to its average volume of 346,426. Applied Industrial Technologies, Inc. has a 52-week low of $188.71 and a 52-week 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 company's fifty day simple moving average is $233.77 and its 200 day simple moving average is $237.86. The company has a market cap of $9.97 billion, a price-to-earnings ratio of 26.36, a price-to-earnings-growth ratio of 3.11 and a beta of 0.91.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, topping the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the firm earned $2.48 EPS. The company's quarterly revenue was up 1.8% compared to the same quarter last year. As a group, sell-side analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm 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. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's payout ratio is 18.47%.

Applied Industrial Technologies announced that its Board of Directors has initiated a share repurchase program on Thursday, May 1st that allows the company to buyback 1,500,000 shares. This buyback authorization allows the industrial products company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have commented on AIT shares. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Raymond James Financial reaffirmed an "outperform" rating and set a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Finally, Loop Capital dropped their price objective on shares of 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. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $285.00.

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.

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