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Jackson Creek Investment Advisors LLC Takes $1.50 Million Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Applied Industrial Technologies logo with Industrials background

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

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. lifted its holdings in Applied Industrial Technologies by 7.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,103 shares of the industrial products company's stock worth $699,000 after acquiring an additional 210 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Applied Industrial Technologies by 6.6% during the first quarter. Janney Montgomery Scott LLC now owns 5,248 shares of the industrial products company's stock worth $1,183,000 after buying an additional 323 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Applied Industrial Technologies by 17.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,501 shares of the industrial products company's stock worth $338,000 after buying an additional 226 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of Applied Industrial Technologies by 26.0% during the first quarter. Sequoia Financial Advisors LLC now owns 1,811 shares of the industrial products company's stock worth $408,000 after acquiring an additional 374 shares during the period. Finally, Spire Wealth Management increased its stake in Applied Industrial Technologies by 11.3% during the 1st quarter. Spire Wealth Management now owns 2,583 shares of the industrial products company's stock worth $582,000 after acquiring an additional 262 shares during the period. 93.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on AIT shares. Wall Street Zen downgraded Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Friday. Raymond James Financial reissued 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. Finally, Loop Capital dropped their target price on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $285.00.

Check Out Our Latest Stock Report on Applied Industrial Technologies

Applied Industrial Technologies Price Performance

AIT traded down $0.72 during trading on Monday, hitting $259.98. 343,108 shares of the company traded hands, compared to its average volume of 347,929. The company has a market cap of $9.90 billion, a PE ratio of 26.10, a P/E/G ratio of 3.17 and a beta of 0.91. The stock's 50-day simple moving average is $235.92 and its two-hundred day simple moving average is $238.27. Applied Industrial Technologies, Inc. has a 1 year low of $188.71 and a 1 year 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.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 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 business had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same period last year, the company posted $2.48 EPS. The business's revenue was up 1.8% on a year-over-year basis. As a group, sell-side analysts anticipate 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 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. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.84 annualized dividend and a dividend yield of 0.71%. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.

Applied Industrial Technologies announced that its board has authorized a stock repurchase program 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 programs are often an indication that the company's management believes its shares are undervalued.

Applied Industrial Technologies Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Applied Industrial Technologies (NYSE:AIT)

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