OneDigital Investment Advisors LLC Takes $256,000 Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

OneDigital Investment Advisors LLC acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,134 shares of the industrial products company's stock, valued at approximately $256,000.

Other hedge funds also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB increased its stake in Applied Industrial Technologies by 51.2% in the 1st 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 during the last quarter. Harbor Investment Advisory LLC increased its stake in 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 acquiring an additional 79 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in Applied Industrial Technologies in the 1st quarter worth about $41,000. Huntington National Bank increased its stake in Applied Industrial Technologies by 33.8% in the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after acquiring an additional 47 shares during the last quarter. Finally, Quarry LP bought a new position in Applied Industrial Technologies in the 4th quarter worth about $51,000. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Trading Down 0.8%

AIT traded down $2.03 on Friday, hitting $253.92. 344,991 shares of the company were exchanged, compared to its average volume of 348,248. The firm has a fifty day simple moving average of $231.65 and a two-hundred day simple moving average of $237.56. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57. 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 capitalization of $9.67 billion, a PE ratio of 25.49, a price-to-earnings-growth ratio of 3.09 and a beta of 0.91.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $1.17 billion. During the same period last year, the company earned $2.48 EPS. Applied Industrial Technologies's revenue for the quarter was up 1.8% compared to the same quarter last year. Sell-side analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies declared that its board has initiated a stock buyback plan on Thursday, May 1st that allows the company to buyback 1,500,000 outstanding shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.84 annualized dividend and a yield of 0.72%. Applied Industrial Technologies's payout ratio is 18.47%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AIT. Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Loop Capital reduced their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. KeyCorp reduced their price objective on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of "Buy" and a consensus target price of $285.00.

Applied Industrial Technologies 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.