Xponance Inc. Purchases 75 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Xponance Inc. lifted its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 1.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 5,539 shares of the industrial products company’s stock after purchasing an additional 75 shares during the period. Xponance Inc.’s holdings in Applied Industrial Technologies were worth $1,248,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in AIT. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Applied Industrial Technologies by 10.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,433 shares of the industrial products company’s stock valued at $1,780,000 after acquiring an additional 680 shares in the last quarter. Wealthfront Advisers LLC bought a new stake in Applied Industrial Technologies in the fourth quarter valued at $141,000. HighTower Advisors LLC boosted its holdings in Applied Industrial Technologies by 13.0% in the fourth quarter. HighTower Advisors LLC now owns 4,463 shares of the industrial products company’s stock valued at $1,069,000 after acquiring an additional 513 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Applied Industrial Technologies by 28.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 652 shares of the industrial products company’s stock valued at $156,000 after acquiring an additional 146 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in Applied Industrial Technologies by 0.3% in the fourth quarter. Swiss National Bank now owns 75,600 shares of the industrial products company’s stock valued at $18,104,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Performance

Shares of AIT stock opened at $254.46 on Wednesday. Applied Industrial Technologies, Inc. has a 12 month low of $188.71 and a 12 month high of $282.98. The stock has a market cap of $9.69 billion, a PE ratio of 25.55, a price-to-earnings-growth ratio of 3.13 and a beta of 0.91. The company has a current ratio of 3.57, a quick ratio of 2.51 and a debt-to-equity ratio of 0.31. The company’s fifty day moving average price is $232.98 and its 200-day moving average price is $237.74.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the business posted $2.48 EPS. The company’s quarterly revenue was up 1.8% on a year-over-year basis. On average, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 0.72%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies’s dividend payout ratio is presently 18.47%.

Applied Industrial Technologies declared that its board has initiated a stock repurchase program on Thursday, May 1st that authorizes the company to repurchase 1,500,000 shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Sunday, June 22nd. Loop Capital cut 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 report on Thursday, April 17th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus 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.