11,818 Shares in Applied Industrial Technologies, Inc. (NYSE:AIT) Bought by Prevail Innovative Wealth Advisors LLC

Prevail Innovative Wealth Advisors LLC acquired a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,818 shares of the industrial products company's stock, valued at approximately $2,663,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB raised its holdings 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 purchasing an additional 44 shares in the last quarter. Harbor Investment Advisory LLC boosted 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 valued at $36,000 after buying an additional 79 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Applied Industrial Technologies in the first quarter valued at approximately $38,000. Opal Wealth Advisors LLC acquired a new stake in shares of Applied Industrial Technologies during the 1st quarter worth approximately $41,000. Finally, Huntington National Bank grew its stake in shares of Applied Industrial Technologies by 33.8% during the 4th quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after purchasing an additional 47 shares during the period. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Stock Performance

AIT traded up $6.82 during trading on Thursday, hitting $262.34. 342,193 shares of the stock were exchanged, compared to its average volume of 347,830. The stock has a fifty day moving average price of $233.77 and a two-hundred day moving average price of $237.86. Applied Industrial Technologies, Inc. has a 1-year low of $188.71 and a 1-year high of $282.98. The firm has a market capitalization of $9.99 billion, a P/E ratio of 26.34, a PEG ratio of 3.10 and a beta of 0.91. The company has a quick ratio of 2.51, a current ratio of 3.57 and a debt-to-equity ratio of 0.31.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, beating 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 company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the business posted $2.48 EPS. The company's revenue was up 1.8% on a year-over-year basis. As a group, sell-side analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies announced that its board has authorized a share buyback plan on Thursday, May 1st that allows the company to repurchase 1,500,000 outstanding shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its shares are undervalued.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a $0.46 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.70%. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 18.47%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AIT shares. Loop Capital dropped their price objective 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. Raymond James Financial reaffirmed an "outperform" rating and set a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Finally, Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target 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.