Edgestream Partners L.P. Grows Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Edgestream Partners L.P. increased its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 99.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,968 shares of the industrial products company's stock after purchasing an additional 3,969 shares during the period. Edgestream Partners L.P.'s holdings in Applied Industrial Technologies were worth $1,796,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in AIT. MassMutual Private Wealth & Trust FSB boosted its stake in 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 valued at $29,000 after acquiring an additional 44 shares during the last quarter. Harbor Investment Advisory LLC lifted its position in shares of Applied Industrial Technologies by 97.5% in the 1st quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after purchasing an additional 79 shares during the period. Wayfinding Financial LLC purchased a new position in Applied Industrial Technologies during the 1st quarter valued at about $38,000. Opal Wealth Advisors LLC bought a new stake in Applied Industrial Technologies during the 1st quarter valued at about $41,000. Finally, Huntington National Bank increased its stake in Applied Industrial Technologies by 33.8% during the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock valued at $45,000 after purchasing an additional 47 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Loop Capital dropped their price objective on shares of 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. Wall Street Zen cut Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Friday. Finally, Raymond James Financial reissued an "outperform" rating and issued a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Stock Down 0.3%

Shares of Applied Industrial Technologies stock traded down $0.72 on Monday, hitting $259.98. 343,108 shares of the company's stock traded hands, compared to its average volume of 347,929. The company has a quick ratio of 2.51, a current ratio of 3.57 and a debt-to-equity ratio of 0.31. The stock has a market cap of $9.90 billion, a P/E ratio of 26.17, a PEG ratio of 3.17 and a beta of 0.91. Applied Industrial Technologies, Inc. has a 52-week low of $188.71 and a 52-week high of $282.98. The firm's 50-day moving average is $235.40 and its 200 day moving average is $238.16.

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. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. The company's revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.48 EPS. Equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 0.71%. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 18.47%.

Applied Industrial Technologies declared that its board has approved a stock repurchase plan on Thursday, May 1st that permits the company to repurchase 1,500,000 outstanding shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its shares are undervalued.

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.