Advisor Resource Council Takes $691,000 Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Advisor Resource Council bought a new position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 3,209 shares of the industrial products company's stock, valued at approximately $691,000.

Several other hedge funds have also added to or reduced their stakes in AIT. Invesco Ltd. boosted its holdings in shares of Applied Industrial Technologies by 7.2% in the fourth quarter. Invesco Ltd. now owns 1,271,356 shares of the industrial products company's stock valued at $304,452,000 after buying an additional 85,270 shares during the period. Geode Capital Management LLC increased its holdings in Applied Industrial Technologies by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company's stock worth $254,182,000 after buying an additional 20,842 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Applied Industrial Technologies by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 571,275 shares of the industrial products company's stock valued at $136,803,000 after purchasing an additional 1,958 shares during the period. Norges Bank acquired a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at approximately $129,690,000. Finally, Northern Trust Corp lifted its holdings in Applied Industrial Technologies by 12.5% during the 4th quarter. Northern Trust Corp now owns 510,772 shares of the industrial products company's stock valued at $122,315,000 after purchasing an additional 56,732 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Trading Down 4.2%

AIT traded down $9.85 during midday trading on Wednesday, hitting $225.04. 733,577 shares of the company were exchanged, compared to its average volume of 315,981. Applied Industrial Technologies, Inc. has a 1-year low of $182.21 and a 1-year high of $282.98. The company has a quick ratio of 2.51, a current ratio of 3.57 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $8.57 billion, a P/E ratio of 22.59, a P/E/G ratio of 3.03 and a beta of 0.93. The firm's 50 day moving average price is $228.26 and its 200-day moving average price is $238.67.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share 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 the consensus estimate of $1.17 billion. During the same quarter last year, the firm earned $2.48 earnings per share. Applied Industrial Technologies's quarterly revenue was up 1.8% on a year-over-year basis. As a group, equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies announced that its Board of Directors has approved a share buyback plan on Thursday, May 1st that permits the company to repurchase 1,500,000 shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 0.82%. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AIT. Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Sunday. Loop Capital decreased 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. Raymond James Financial restated an "outperform" rating and set a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Finally, KeyCorp cut their target price on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, Applied Industrial Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $285.00.

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.