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

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

A number of other institutional investors have also modified their holdings of AIT. Securian Asset Management Inc. raised its stake in shares of Applied Industrial Technologies by 3.5% during the 1st quarter. Securian Asset Management Inc. now owns 2,979 shares of the industrial products company's stock worth $671,000 after buying an additional 100 shares during the last quarter. MQS Management LLC acquired a new stake in shares of Applied Industrial Technologies during the first quarter worth approximately $422,000. Wilkinson Global Asset Management LLC grew its position in shares of Applied Industrial Technologies by 7.2% during the first quarter. Wilkinson Global Asset Management LLC now owns 5,190 shares of the industrial products company's stock worth $1,170,000 after buying an additional 350 shares in the last quarter. CWM LLC lifted its stake in Applied Industrial Technologies by 3.6% during the first quarter. CWM LLC now owns 3,526 shares of the industrial products company's stock worth $795,000 after purchasing an additional 121 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its position in Applied Industrial Technologies by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the industrial products company's stock worth $2,434,000 after buying an additional 100 shares during the period. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $262.34 on Friday. The company has a market cap of $9.99 billion, a PE ratio of 26.34, a price-to-earnings-growth ratio of 3.11 and a beta of 0.91. 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 business has a 50 day moving average price of $233.77 and a 200-day moving average price of $237.86. Applied Industrial Technologies, Inc. has a 52 week low of $188.71 and a 52 week high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the business posted $2.48 earnings per share. The company's revenue for the quarter was up 1.8% on a year-over-year basis. Equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.46 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.70%. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.

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

Analyst Ratings Changes

Several brokerages recently weighed in on AIT. Loop Capital decreased their target price on 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. 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 report on Friday, May 2nd. Finally, Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average price target 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.

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