Cetera Investment Advisers Acquires 4,896 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Key Points

• Cetera Investment Advisers increased its stake in Applied Industrial Technologies by 88.3%, acquiring an additional 4,896 shares to own a total of 10,440 shares valued at $2.35 million.
• Applied Industrial Technologies announced a share buyback plan authorizing the repurchase of up to 1.5 million shares, indicating potential confidence in the company's undervalue.
• The company declared a quarterly dividend of $0.46 per share, with an annualized dividend yield of 0.7%, further enhancing its appeal to investors.

Cetera Investment Advisers raised its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 88.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,440 shares of the industrial products company's stock after acquiring an additional 4,896 shares during the quarter. Cetera Investment Advisers' holdings in Applied Industrial Technologies were worth $2,353,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of AIT. MassMutual Private Wealth & Trust FSB increased 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 valued at $29,000 after buying an additional 44 shares during the period. Harbor Investment Advisory LLC grew its holdings 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 valued at $36,000 after buying an additional 79 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Applied Industrial Technologies during the first quarter valued at approximately $38,000. Opal Wealth Advisors LLC purchased a new stake in shares of Applied Industrial Technologies during the first quarter valued at approximately $41,000. Finally, First Horizon Advisors Inc. lifted its position in Applied Industrial Technologies by 31.1% during the first quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock valued at $48,000 after purchasing an additional 51 shares during the period. Hedge funds and other institutional investors own 93.52% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Loop Capital cut 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 note on Thursday, April 17th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Trading Down 0.1%

Shares of AIT stock traded down $0.36 during trading hours on Friday, reaching $263.07. 280,375 shares of the stock were exchanged, compared to its average volume of 329,249. Applied Industrial Technologies, Inc. has a 12-month low of $189.18 and a 12-month high of $282.98. The company has a current ratio of 3.57, a quick ratio of 2.51 and a debt-to-equity ratio of 0.31. The company's 50-day moving average price is $247.15 and its 200-day moving average price is $239.85. The firm has a market capitalization of $10.02 billion, a price-to-earnings ratio of 26.41, a price-to-earnings-growth ratio of 3.20 and a beta of 0.94.

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

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a dividend of $0.46 per share. The ex-dividend date is Friday, August 15th. This represents a $1.84 dividend on an annualized basis and a yield of 0.7%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.47%.

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.