Strategic Wealth Partners Ltd. Makes New Investment in Applied Industrial Technologies, Inc. (NYSE:AIT)

Strategic Wealth Partners Ltd. purchased a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 28,378 shares of the industrial products company's stock, valued at approximately $7,467,000. Strategic Wealth Partners Ltd. owned about 0.07% of Applied Industrial Technologies as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AIT. Invesco Ltd. increased its stake 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 valued at $304,452,000 after buying an additional 85,270 shares during the period. Geode Capital Management LLC increased its position in Applied Industrial Technologies by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company's stock valued at $254,182,000 after purchasing an additional 20,842 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Applied Industrial Technologies by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 571,275 shares of the industrial products company's stock worth $136,803,000 after purchasing an additional 1,958 shares in the last quarter. Norges Bank purchased a new stake in shares of Applied Industrial Technologies in the 4th quarter worth about $129,690,000. Finally, Northern Trust Corp boosted its stake in shares of Applied Industrial Technologies by 12.5% during the 4th quarter. Northern Trust Corp now owns 510,772 shares of the industrial products company's stock valued at $122,315,000 after purchasing an additional 56,732 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Stock Down 1.9%

Applied Industrial Technologies stock traded down $4.37 during mid-day trading on Tuesday, reaching $228.92. The stock had a trading volume of 356,976 shares, compared to its average volume of 308,181. Applied Industrial Technologies, Inc. has a one year low of $181.35 and a one year high of $282.98. The company has a 50-day moving average price of $226.61 and a two-hundred day moving average price of $245.96. The company has a market capitalization of $8.72 billion, a price-to-earnings ratio of 23.19, a PEG ratio of 3.14 and a beta of 1.00. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.76 and a quick ratio of 2.55.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its 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 net margin of 8.62% and a return on equity of 22.37%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the firm posted $2.48 earnings per share. The business's revenue was up 1.8% on a year-over-year basis. On average, analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

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

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Thursday, May 15th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date of this dividend is Thursday, May 15th. Applied Industrial Technologies's payout ratio is presently 18.47%.

Analyst Ratings Changes

AIT has been the subject of a number of research reports. KeyCorp decreased their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. Robert W. Baird raised their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Raymond James reaffirmed an "outperform" rating and issued a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Loop Capital lowered 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, StockNews.com lowered shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate 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.