Kingswood Wealth Advisors LLC Takes $365,000 Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Kingswood Wealth Advisors LLC bought a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,849 shares of the industrial products company’s stock, valued at approximately $365,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors lifted its stake in shares of Applied Industrial Technologies by 978.3% during the fourth quarter. Capital Research Global Investors now owns 559,649 shares of the industrial products company’s stock valued at $96,646,000 after buying an additional 507,750 shares during the period. Norges Bank purchased a new position in Applied Industrial Technologies during the fourth quarter worth about $72,436,000. Hennessy Advisors Inc. acquired a new stake in Applied Industrial Technologies in the 4th quarter worth about $27,043,000. Capital World Investors grew its holdings in Applied Industrial Technologies by 51.7% in the 4th quarter. Capital World Investors now owns 310,480 shares of the industrial products company’s stock valued at $53,617,000 after buying an additional 105,824 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Applied Industrial Technologies by 19.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 508,880 shares of the industrial products company’s stock valued at $87,879,000 after acquiring an additional 83,585 shares during the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Price Performance

AIT opened at $192.99 on Friday. Applied Industrial Technologies, Inc. has a 52-week low of $138.38 and a 52-week high of $201.76. The company has a 50 day moving average of $190.29 and a two-hundred day moving average of $185.13. The company has a market cap of $7.45 billion, a P/E ratio of 20.23, a P/E/G ratio of 1.99 and a beta of 1.08. The company has a quick ratio of 2.70, a current ratio of 3.77 and a debt-to-equity ratio of 0.34.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.08. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the prior year, the company earned $2.38 EPS. The firm’s revenue was down 2.8% on a year-over-year basis. On average, analysts expect that Applied Industrial Technologies, Inc. will post 9.62 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Wednesday, May 15th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 0.77%. The ex-dividend date of this dividend was Tuesday, May 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is 15.51%.

Insider Activity

In other news, VP Jason W. Vasquez sold 650 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $196.71, for a total value of $127,861.50. Following the completion of the transaction, the vice president now directly owns 22,960 shares in the company, valued at $4,516,461.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.20% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Oppenheimer assumed coverage on shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price target on the stock. KeyCorp increased their target price on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $201.00.

About Applied Industrial Technologies

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.