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

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

Several other large investors have also recently modified their holdings of the stock. Invesco Ltd. raised its position in Applied Industrial Technologies by 7.2% in the 4th quarter. Invesco Ltd. now owns 1,271,356 shares of the industrial products company's stock worth $304,452,000 after buying an additional 85,270 shares during the last quarter. Geode Capital Management LLC raised its position in Applied Industrial Technologies by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company's stock worth $254,182,000 after buying an additional 20,842 shares during the last quarter. Norges Bank purchased a new position in Applied Industrial Technologies in the 4th quarter worth about $129,690,000. Northern Trust Corp raised its position in Applied Industrial Technologies by 12.5% in the 4th quarter. Northern Trust Corp now owns 510,772 shares of the industrial products company's stock worth $122,315,000 after buying an additional 56,732 shares during the last quarter. Finally, Alyeska Investment Group L.P. raised its position in Applied Industrial Technologies by 7.7% in the 4th quarter. Alyeska Investment Group L.P. now owns 471,333 shares of the industrial products company's stock worth $112,870,000 after buying an additional 33,842 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Stock Performance

Shares of NYSE:AIT traded up $1.08 during mid-day trading on Wednesday, reaching $255.49. 247,463 shares of the company traded hands, compared to its average volume of 348,184. The company's 50 day moving average price is $232.98 and its 200-day moving average price is $237.74. The firm has a market cap of $9.73 billion, a PE ratio of 25.65, a PEG ratio of 3.13 and a beta of 0.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51. 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 announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.17. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. The firm's revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.48 EPS. On average, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies declared that its board has authorized a stock buyback program on Thursday, May 1st that allows the company to repurchase 1,500,000 shares. This repurchase authorization allows 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.

Applied Industrial Technologies Announces Dividend

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 paid a $0.46 dividend. 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%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Raymond James Financial reissued an "outperform" rating and issued a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Loop Capital reduced 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 report on Thursday, April 17th. Finally, Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Industrial Technologies presently has a consensus rating of "Buy" and a consensus target price 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.