Spectrum Wealth Counsel LLC Acquires Shares of 3,573 Applied Industrial Technologies, Inc. (NYSE:AIT)

Key Points

• Spectrum Wealth Counsel LLC acquired 3,573 shares of Applied Industrial Technologies, valued at approximately $805,000, during the first quarter of the year.
• Institutional investors and hedge funds collectively own about 93.52% of Applied Industrial Technologies' stock, indicating strong institutional interest.
• Applied Industrial Technologies has announced a quarterly dividend of $0.46 per share, with a total annualized dividend yield of 0.68%.

Spectrum Wealth Counsel LLC acquired a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,573 shares of the industrial products company's stock, valued at approximately $805,000.

Several other large investors also recently bought and sold shares of the stock. Baird Financial Group Inc. boosted its stake in Applied Industrial Technologies by 2.5% in the fourth quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company's stock valued at $380,000 after acquiring an additional 39 shares in the last quarter. OneAscent Financial Services LLC boosted its stake in Applied Industrial Technologies by 4.1% in the fourth quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock valued at $249,000 after acquiring an additional 41 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Applied Industrial Technologies by 51.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after buying an additional 44 shares during the period. Huntington National Bank boosted its stake in shares of Applied Industrial Technologies by 33.8% during the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after buying an additional 47 shares during the period. Finally, First Horizon Advisors Inc. boosted its stake 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 worth $48,000 after buying an additional 51 shares during the period. Institutional investors and hedge funds own 93.52% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on AIT shares. Raymond James Financial reiterated an "outperform" rating and set a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Loop Capital decreased their target price on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Industrial Technologies has an average rating of "Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Trading Up 1.4%

NYSE AIT opened at $271.85 on Friday. The stock has a market capitalization of $10.35 billion, a P/E ratio of 27.29, a P/E/G ratio of 3.31 and a beta of 0.91. Applied Industrial Technologies, Inc. has a 52-week low of $188.71 and a 52-week high of $282.98. The firm has a 50-day moving average price of $238.77 and a 200 day moving average price of $238.87. 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 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. The firm had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The firm's revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.48 earnings per share. Equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a dividend of $0.46 per share. The ex-dividend date is Friday, August 15th. This represents a $1.84 annualized dividend and a yield of 0.68%. Applied Industrial Technologies's dividend payout ratio is currently 18.47%.

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

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.

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