Invesco Ltd. Lowers Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Key Points

• Invesco Ltd. reduced its holdings in Applied Industrial Technologies by 2.7%, owning 1,237,303 shares valued at approximately $278.8 million after selling 34,053 shares.
• Institutional investors such as GAMMA Investing LLC and Price T Rowe Associates made significant increases in their stakes, with GAMMA boosting holdings by 34,002.9% to nearly $717 million.
• Applied Industrial Technologies has recently declared a quarterly dividend of $0.46 per share and completed a stock repurchase plan for 1,500,000 shares, indicating confidence in its valuation.

Invesco Ltd. trimmed its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 2.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,237,303 shares of the industrial products company's stock after selling 34,053 shares during the quarter. Invesco Ltd. owned about 3.25% of Applied Industrial Technologies worth $278,814,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB grew its position 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 worth $29,000 after acquiring an additional 44 shares in the last quarter. Harbor Investment Advisory LLC grew its position in Applied Industrial Technologies by 97.5% in the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after acquiring an additional 79 shares in the last quarter. Wayfinding Financial LLC purchased a new position in Applied Industrial Technologies in the first quarter worth about $38,000. Opal Wealth Advisors LLC purchased a new position in shares of Applied Industrial Technologies during the first quarter valued at approximately $41,000. Finally, First Horizon Advisors Inc. boosted its position in shares of 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 valued at $48,000 after buying an additional 51 shares during the period. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Stock Down 6.5%

Shares of AIT stock traded down $17.66 during trading hours on Friday, reaching $255.38. 579,391 shares of the company's stock were exchanged, compared to its average volume of 331,132. The stock's 50 day moving average is $251.02 and its 200-day moving average is $240.26. The company has a market cap of $9.72 billion, a price-to-earnings ratio of 25.24, a P/E/G ratio of 3.14 and a beta of 0.94. The company has a current ratio of 3.32, a quick ratio of 2.51 and a debt-to-equity ratio of 0.31. Applied Industrial Technologies, Inc. has a fifty-two week low of $191.31 and a fifty-two week high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its earnings results on Thursday, August 14th. The industrial products company reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.60 by $0.20. Applied Industrial Technologies had a return on equity of 21.78% and a net margin of 8.61%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the firm earned $2.64 EPS. The firm's revenue was up 5.5% on a year-over-year basis. Analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies announced that its board has initiated a stock repurchase program on Thursday, May 1st that permits the company to buyback 1,500,000 outstanding shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on AIT shares. Oppenheimer boosted their target price on Applied Industrial Technologies from $290.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday. Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Robert W. Baird boosted their target price on Applied Industrial Technologies from $265.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday. Finally, Raymond James Financial lowered Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $287.86.

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.