Prevail Innovative Wealth Advisors LLC Invests $2.66 Million in Applied Industrial Technologies, Inc. (NYSE:AIT)

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

A number of other large investors have also made changes to their positions in the business. Invesco Ltd. increased its position in shares of Applied Industrial Technologies by 7.2% during the fourth quarter. Invesco Ltd. now owns 1,271,356 shares of the industrial products company's stock worth $304,452,000 after purchasing an additional 85,270 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Applied Industrial Technologies by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company's stock worth $254,182,000 after purchasing an additional 20,842 shares in the last quarter. Norges Bank acquired a new position in shares of Applied Industrial Technologies during the fourth quarter worth $129,690,000. Northern Trust Corp increased its position in shares of Applied Industrial Technologies by 12.5% during the fourth quarter. Northern Trust Corp now owns 510,772 shares of the industrial products company's stock worth $122,315,000 after purchasing an additional 56,732 shares in the last quarter. Finally, Alyeska Investment Group L.P. increased its position in shares of Applied Industrial Technologies by 7.7% during the fourth quarter. Alyeska Investment Group L.P. now owns 471,333 shares of the industrial products company's stock worth $112,870,000 after purchasing an additional 33,842 shares in the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Performance

Shares of AIT traded down $1.52 during trading hours on Friday, reaching $260.41. 176,708 shares of the company traded hands, compared to its average volume of 347,079. The stock has a market capitalization of $9.92 billion, a P/E ratio of 26.14, a P/E/G ratio of 3.11 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, Inc. has a 12-month low of $188.71 and a 12-month high of $282.98. The business has a fifty day moving average price of $233.77 and a 200-day moving average price of $237.86.

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 EPS for the quarter, beating the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the company earned $2.48 earnings per share. The firm's revenue was up 1.8% on a year-over-year basis. Equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies announced that its board has approved a stock repurchase 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. Shares repurchase plans are usually an indication that the company's board believes its shares are 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 issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's payout ratio is 18.47%.

Wall Street Analysts Forecast Growth

AIT has been the topic of a number of recent analyst reports. Raymond James Financial reaffirmed an "outperform" rating and set a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. 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 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 report on Sunday, June 22nd. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average 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.