Signal Advisors Wealth LLC Invests $225,000 in Applied Industrial Technologies, Inc. (NYSE:AIT)

Signal Advisors Wealth LLC purchased a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,000 shares of the industrial products company’s stock, valued at approximately $225,000.

Other institutional investors also recently bought and sold shares of the company. Invesco Ltd. increased its position in 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 acquiring an additional 85,270 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of 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 worth $254,182,000 after purchasing an additional 20,842 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Applied Industrial Technologies by 0.3% during 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 during the period. Norges Bank bought a new position in Applied Industrial Technologies during the 4th quarter valued at about $129,690,000. Finally, Northern Trust Corp raised its position in Applied Industrial Technologies by 12.5% in the 4th 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 during the period. 93.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Raymond James restated an “outperform” rating and set a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Loop Capital dropped their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Finally, KeyCorp cut their price objective on Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $285.00.

Applied Industrial Technologies Price Performance

Shares of AIT stock opened at $231.94 on Friday. The company has a market capitalization of $8.83 billion, a P/E ratio of 23.50, a P/E/G ratio of 3.14 and a beta of 0.93. The company’s 50-day simple moving average is $226.20 and its two-hundred day simple moving average is $242.67. Applied Industrial Technologies, Inc. has a one year low of $181.35 and a one year high of $282.98. 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) last announced its quarterly earnings data 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 company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. Applied Industrial Technologies’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.48 earnings per share. As a group, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies announced that its board has authorized a stock repurchase plan on Thursday, May 1st that permits the company to repurchase 1,500,000 shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date of this dividend was Thursday, May 15th. Applied Industrial Technologies’s payout ratio is 18.47%.

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.