1,414 Shares in Applied Industrial Technologies, Inc. (NYSE:AIT) Acquired by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC purchased a new position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,414 shares of the industrial products company's stock, valued at approximately $319,000.

A number of other institutional investors also recently bought and sold shares of the stock. Invesco Ltd. raised its stake in 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 worth $304,452,000 after buying an additional 85,270 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Applied Industrial Technologies by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company's stock valued at $254,182,000 after purchasing an additional 20,842 shares in the last quarter. Norges Bank bought a new position in shares of Applied Industrial Technologies during the fourth quarter valued at approximately $129,690,000. Northern Trust Corp increased its stake in shares of Applied Industrial Technologies by 12.5% during the fourth quarter. Northern Trust Corp now owns 510,772 shares of the industrial products company's stock valued at $122,315,000 after purchasing an additional 56,732 shares in the last quarter. Finally, Alyeska Investment Group L.P. increased its stake in shares of Applied Industrial Technologies by 7.7% during the fourth quarter. Alyeska Investment Group L.P. now owns 471,333 shares of the industrial products company's stock valued at $112,870,000 after purchasing an additional 33,842 shares in the last quarter. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Stock Down 0.8%

Shares of NYSE:AIT traded down $2.03 during trading on Friday, reaching $253.92. 344,991 shares of the stock traded hands, compared to its average volume of 347,922. The stock has a 50-day moving average of $231.65 and a two-hundred day moving average of $237.61. Applied Industrial Technologies, Inc. has a 52-week low of $188.71 and a 52-week 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 stock has a market cap of $9.67 billion, a P/E ratio of 25.49, a price-to-earnings-growth ratio of 3.12 and a beta of 0.91.

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

Applied Industrial Technologies announced that its Board of Directors has initiated a stock buyback program on Thursday, May 1st that authorizes the company to repurchase 1,500,000 outstanding shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 0.72%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. KeyCorp decreased their target price on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. 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 note on Thursday, April 17th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $250.00 target price (down previously 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 MarketBeat.com, the company presently has an average rating of "Buy" and an average 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.