WCM Investment Management LLC Boosts Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

WCM Investment Management LLC boosted its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 9.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 92,155 shares of the industrial products company's stock after purchasing an additional 8,006 shares during the quarter. WCM Investment Management LLC owned approximately 0.24% of Applied Industrial Technologies worth $20,784,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Baird Financial Group Inc. increased its stake in shares of Applied Industrial Technologies by 2.5% in the 4th quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company's stock worth $380,000 after acquiring an additional 39 shares in the last quarter. Arizona State Retirement System grew its holdings in Applied Industrial Technologies by 0.4% in the fourth quarter. Arizona State Retirement System now owns 11,156 shares of the industrial products company's stock worth $2,672,000 after purchasing an additional 40 shares during the period. Parkside Financial Bank & Trust grew its holdings in Applied Industrial Technologies by 25.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 203 shares of the industrial products company's stock worth $49,000 after purchasing an additional 41 shares during the period. OneAscent Financial Services LLC increased its stake in shares of Applied Industrial Technologies by 4.1% during the fourth quarter. OneAscent Financial Services LLC now owns 1,038 shares of the industrial products company's stock valued at $249,000 after purchasing an additional 41 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings 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 valued at $29,000 after purchasing an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.

Analyst Upgrades and Downgrades

AIT has been the topic of several recent research reports. Raymond James Financial restated an "outperform" rating and issued a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. KeyCorp cut their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Finally, Loop Capital dropped their price target 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. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Industrial Technologies presently has a consensus rating of "Buy" and an average price target of $285.00.

Applied Industrial Technologies Stock Up 0.1%

Shares of AIT stock traded up $0.29 during mid-day trading on Friday, hitting $245.48. The company's stock had a trading volume of 307,741 shares, compared to its average volume of 346,780. The stock has a market cap of $9.35 billion, a price-to-earnings ratio of 24.65, a PEG ratio of 2.98 and a beta of 0.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57. Applied Industrial Technologies, Inc. has a 52-week low of $182.21 and a 52-week high of $282.98. The business has a 50-day moving average price of $230.22 and a 200 day moving average price of $237.33.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (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 business had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.17 billion. During the same quarter in the prior year, the business earned $2.48 EPS. The business's revenue for the quarter was up 1.8% compared to the same quarter last year. Research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders 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 0.75%. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 18.47%.

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

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.