Alps Advisors Inc. Has $5.59 Million Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Alps Advisors Inc. increased its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 6.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,814 shares of the industrial products company's stock after purchasing an additional 1,507 shares during the period. Alps Advisors Inc. owned 0.06% of Applied Industrial Technologies worth $5,592,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Invesco Ltd. grew its stake 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 in the last quarter. Geode Capital Management LLC boosted its holdings in Applied Industrial Technologies by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company's stock worth $254,182,000 after acquiring an additional 20,842 shares during the period. Norges Bank acquired a new stake in Applied Industrial Technologies during the 4th quarter valued at $129,690,000. Northern Trust Corp increased its stake 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 worth $122,315,000 after buying an additional 56,732 shares during the period. Finally, Alyeska Investment Group L.P. lifted its holdings in Applied Industrial Technologies by 7.7% in the 4th quarter. Alyeska Investment Group L.P. now owns 471,333 shares of the industrial products company's stock worth $112,870,000 after buying an additional 33,842 shares in the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AIT has been the topic of several recent analyst reports. Loop Capital cut their price target on 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 reaffirmed an "outperform" rating and issued a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. KeyCorp decreased their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research report on Monday, March 17th. Finally, Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Industrial Technologies has an average rating of "Buy" and an average price target of $285.00.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT traded down $2.03 during trading hours on Friday, hitting $253.92. 344,991 shares of the company's stock traded hands, compared to its average volume of 347,920. The company's fifty day simple moving average is $231.65 and its two-hundred day simple moving average is $237.61. The company has a market cap of $9.67 billion, a price-to-earnings ratio of 25.49, a price-to-earnings-growth ratio of 3.12 and a beta of 0.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57. Applied Industrial Technologies, Inc. has a 52 week low of $188.71 and a 52 week high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued 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. The firm had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The firm's revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period last year, the firm posted $2.48 earnings per share. As a group, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently announced 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 0.72%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.47%.

Applied Industrial Technologies declared that its board has authorized a share buyback plan on Thursday, May 1st that authorizes the company to repurchase 1,500,000 shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

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.