Allspring Global Investments Holdings LLC Has $82.62 Million Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Allspring Global Investments Holdings LLC reduced its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 13.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 360,104 shares of the industrial products company's stock after selling 56,901 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.94% of Applied Industrial Technologies worth $82,619,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Janney Montgomery Scott LLC lifted its stake in shares of Applied Industrial Technologies by 6.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 5,248 shares of the industrial products company's stock worth $1,183,000 after acquiring an additional 323 shares during the period. Spire Wealth Management increased its position 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 purchasing an additional 262 shares during the period. Oppenheimer Asset Management Inc. raised its stake in shares of Applied Industrial Technologies by 34.7% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 3,938 shares of the industrial products company's stock worth $887,000 after buying an additional 1,014 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Applied Industrial Technologies by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 4,490 shares of the industrial products company's stock valued at $1,011,000 after buying an additional 105 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in Applied Industrial Technologies during the fourth quarter worth $44,000. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT traded up $3.16 on Wednesday, reaching $245.30. 446,700 shares of the company traded hands, compared to its average volume of 344,601. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51. Applied Industrial Technologies, Inc. has a fifty-two week low of $182.21 and a fifty-two week high of $282.98. The stock has a market capitalization of $9.34 billion, a PE ratio of 24.63, a P/E/G ratio of 3.00 and a beta of 0.91. The company's 50 day moving average is $229.64 and its 200-day moving average is $237.43.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released 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 return on equity of 22.01% and a net margin of 8.64%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the company posted $2.48 earnings per share. The firm's revenue was up 1.8% on a year-over-year basis. As a group, 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders 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 0.75%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Applied Industrial Technologies declared that its board has approved a share buyback plan on Thursday, May 1st that permits the company to repurchase 1,500,000 outstanding shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

AIT has been the subject of several research reports. Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Loop Capital dropped their target price on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a report on Thursday, April 17th. KeyCorp reduced their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Finally, Raymond James Financial reissued an "outperform" rating and set a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Industrial Technologies presently has a consensus rating of "Buy" and an average 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.