Envestnet Asset Management Inc. Increases Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

Envestnet Asset Management Inc. boosted its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 5.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 53,249 shares of the industrial products company's stock after acquiring an additional 2,968 shares during the quarter. Envestnet Asset Management Inc. owned 0.14% of Applied Industrial Technologies worth $11,999,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Baird Financial Group Inc. boosted its stake in Applied Industrial Technologies by 2.5% during the fourth quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company's stock worth $380,000 after buying an additional 39 shares during the last quarter. OneAscent Financial Services LLC raised its holdings in shares of Applied Industrial Technologies by 4.1% during the 4th quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock worth $249,000 after acquiring an additional 41 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in shares of 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 purchasing an additional 44 shares during the period. Huntington National Bank grew its holdings in shares of Applied Industrial Technologies by 33.8% in the fourth 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 during the period. Finally, First Horizon Advisors Inc. increased 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 worth $48,000 after purchasing an additional 51 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $260.90 on Friday. The business has a 50 day simple moving average of $235.40 and a 200-day simple moving average of $238.17. Applied Industrial Technologies, Inc. has a 12 month low of $188.71 and a 12 month high of $282.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51. The stock has a market capitalization of $9.94 billion, a PE ratio of 26.19, a price-to-earnings-growth ratio of 3.17 and a beta of 0.91.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its 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 return on equity of 22.01% and a net margin of 8.64%. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the company earned $2.48 earnings per share. Applied Industrial Technologies's quarterly revenue was up 1.8% compared to the same quarter last year. Equities analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 0.71%. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Applied Industrial Technologies announced that its Board of Directors has approved a share repurchase program on Thursday, May 1st that permits the company to buyback 1,500,000 shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Raymond James Financial restated an "outperform" rating and set a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Wall Street Zen cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Friday. Finally, Loop Capital cut their target price 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. One equities 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 a consensus rating of "Moderate Buy" and a consensus target price of $285.00.

About Applied Industrial Technologies

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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