Envestnet Asset Management Inc. Has $12 Million Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

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

A number of other hedge funds also recently bought and sold shares of AIT. Norges Bank bought a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $129,690,000. GAMMA Investing LLC lifted its stake in shares of Applied Industrial Technologies by 34,002.9% in the first quarter. GAMMA Investing LLC now owns 318,180 shares of the industrial products company's stock valued at $716,990,000 after buying an additional 317,247 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Applied Industrial Technologies by 199.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 309,617 shares of the industrial products company's stock valued at $74,145,000 after buying an additional 206,220 shares during the period. First Trust Advisors LP lifted its stake in shares of Applied Industrial Technologies by 50.0% in the fourth quarter. First Trust Advisors LP now owns 404,784 shares of the industrial products company's stock valued at $96,934,000 after buying an additional 134,975 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $25,518,000. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Trading Up 0.6%

AIT stock traded up $1.57 during trading on Wednesday, hitting $266.46. The company had a trading volume of 330,769 shares, compared to its average volume of 348,406. 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 firm has a 50-day moving average price of $237.33 and a 200-day moving average price of $238.65. Applied Industrial Technologies, Inc. has a 12 month low of $188.71 and a 12 month high of $282.98. The stock has a market cap of $10.15 billion, a price-to-earnings ratio of 26.75, a PEG ratio of 3.23 and a beta of 0.91.

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

Applied Industrial Technologies declared that its Board of Directors has authorized a share buyback program on Thursday, May 1st that authorizes the company to repurchase 1,500,000 shares. This repurchase authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is 18.47%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on AIT shares. Raymond James Financial restated an "outperform" rating and set a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Wall Street Zen cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Loop Capital cut their price target 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. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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.