Kingswood Wealth Advisors LLC Sells 1,179 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Kingswood Wealth Advisors LLC decreased its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 55.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 960 shares of the industrial products company's stock after selling 1,179 shares during the quarter. Kingswood Wealth Advisors LLC's holdings in Applied Industrial Technologies were worth $216,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Larson Financial Group LLC increased its position in shares of Applied Industrial Technologies by 5,900.0% in 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. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Applied Industrial Technologies by 51.2% in 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 increased its holdings in shares of Applied Industrial Technologies by 97.5% in 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. Opal Wealth Advisors LLC acquired a new stake in shares of Applied Industrial Technologies during the first quarter worth about $41,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Applied Industrial Technologies during the 4th quarter valued at about $44,000. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Stock Up 0.4%

NYSE:AIT traded up $0.87 on Friday, hitting $233.08. 6,328,219 shares of the company's stock were exchanged, compared to its average volume of 341,407. The firm has a 50-day moving average price of $228.65 and a 200-day moving average price of $238.30. Applied Industrial Technologies, Inc. has a 52 week low of $182.21 and a 52 week high of $282.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51. The company has a market cap of $8.88 billion, a P/E ratio of 23.40, a price-to-earnings-growth ratio of 2.90 and a beta of 0.93.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.17. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. Applied Industrial Technologies's revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.48 earnings per share. As a group, analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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 paid a dividend of $0.46 per share. The ex-dividend date is Friday, August 15th. This represents a $1.84 annualized dividend and a dividend yield of 0.79%. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Applied Industrial Technologies declared that its board has approved a share repurchase program on Thursday, May 1st that allows the company to buyback 1,500,000 shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

AIT has been the subject of several research reports. Raymond James Financial reissued an "outperform" rating and set a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. 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 report on Thursday, April 17th. Finally, KeyCorp reduced their price objective on 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. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate 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.