Contravisory Investment Management Inc. Sells 1,470 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Contravisory Investment Management Inc. cut its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 71.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 587 shares of the industrial products company's stock after selling 1,470 shares during the quarter. Contravisory Investment Management Inc.'s holdings in Applied Industrial Technologies were worth $132,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AIT. Larson Financial Group LLC lifted its stake in shares of Applied Industrial Technologies by 5,900.0% during the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock valued at $29,000 after buying an additional 118 shares in the last quarter. Kestra Investment Management LLC bought a new stake in Applied Industrial Technologies during the 4th quarter valued at $30,000. MassMutual Private Wealth & Trust FSB lifted its position in shares of Applied Industrial Technologies by 51.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after acquiring an additional 44 shares in the last quarter. Harbor Investment Advisory LLC lifted its position in shares of Applied Industrial Technologies by 97.5% during the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after acquiring an additional 79 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in shares of Applied Industrial Technologies in the fourth quarter worth $44,000. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT traded up $2.81 on Friday, hitting $231.94. The company's stock had a trading volume of 217,143 shares, compared to its average volume of 309,890. The company has a market capitalization of $8.83 billion, a PE ratio of 23.50, a PEG ratio of 3.14 and a beta of 0.93. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55. The company has a 50-day simple moving average of $226.16 and a 200 day simple moving average of $242.90. Applied Industrial Technologies, Inc. has a 1 year low of $181.35 and a 1 year high of $282.98.

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 (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the business posted $2.48 earnings per share. Applied Industrial Technologies's revenue for the quarter was up 1.8% on a year-over-year basis. Sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

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

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were given a $0.46 dividend. The ex-dividend date was Thursday, May 15th. This represents a $1.84 annualized dividend and a yield of 0.79%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.47%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Loop Capital decreased their price objective 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 reaffirmed an "outperform" rating and set a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Finally, KeyCorp lowered 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. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently 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.