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

Kingswood Wealth Advisors LLC trimmed its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 55.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 960 shares of the industrial products company's stock after selling 1,179 shares during the period. Kingswood Wealth Advisors LLC's holdings in Applied Industrial Technologies were worth $216,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Applied Industrial Technologies in the 4th quarter worth about $129,690,000. GAMMA Investing LLC grew its stake in shares of Applied Industrial Technologies by 34,002.9% in the 1st quarter. GAMMA Investing LLC now owns 318,180 shares of the industrial products company's stock valued at $716,990,000 after buying an additional 317,247 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Applied Industrial Technologies by 199.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 309,617 shares of the industrial products company's stock worth $74,145,000 after buying an additional 206,220 shares during the last quarter. First Trust Advisors LP increased its holdings in Applied Industrial Technologies by 50.0% in the fourth quarter. First Trust Advisors LP now owns 404,784 shares of the industrial products company's stock worth $96,934,000 after buying an additional 134,975 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $25,518,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock traded down $9.85 during trading on Wednesday, reaching $225.04. The company's stock had a trading volume of 733,577 shares, compared to its average volume of 315,981. Applied Industrial Technologies, Inc. has a one year low of $182.21 and a one year high of $282.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57. The firm has a market cap of $8.57 billion, a price-to-earnings ratio of 22.59, a price-to-earnings-growth ratio of 3.03 and a beta of 0.93. The business's fifty 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 issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the business posted $2.48 EPS. The company's revenue for the quarter was up 1.8% on a year-over-year basis. As a group, equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

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

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 0.82%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.47%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Loop Capital decreased 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 research report on Thursday, April 17th. KeyCorp decreased their price objective on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a report on Monday, March 17th. Raymond James Financial reissued an "outperform" rating and set a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Finally, Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Sunday. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $285.00.

Applied Industrial Technologies 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.