ZRC Wealth Management LLC Invests $42,000 in Applied Industrial Technologies, Inc. (NYSE:AIT)

ZRC Wealth Management LLC purchased a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 212 shares of the industrial products company’s stock, valued at approximately $42,000.

Several other hedge funds have also recently bought and sold shares of the business. ICA Group Wealth Management LLC acquired a new position in shares of Applied Industrial Technologies in the 4th quarter valued at about $26,000. McGlone Suttner Wealth Management Inc. acquired a new position in Applied Industrial Technologies in the 4th quarter valued at approximately $54,000. GAMMA Investing LLC purchased a new stake in Applied Industrial Technologies in the 4th quarter worth approximately $86,000. Consolidated Planning Corp acquired a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at $209,000. Finally, Riverwater Partners LLC purchased a new position in shares of Applied Industrial Technologies during the 4th quarter valued at $212,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Jason W. Vasquez sold 650 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $196.71, for a total value of $127,861.50. Following the sale, the vice president now directly owns 22,960 shares of the company’s stock, valued at $4,516,461.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on AIT. Oppenheimer assumed coverage on Applied Industrial Technologies in a report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price objective for the company. Northcoast Research began coverage on Applied Industrial Technologies in a research note on Monday. They set a “neutral” rating for the company. Finally, KeyCorp boosted their price target on Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Applied Industrial Technologies has an average rating of “Moderate Buy” and an average price target of $201.00.

Applied Industrial Technologies Price Performance

NYSE AIT opened at $191.35 on Friday. Applied Industrial Technologies, Inc. has a fifty-two week low of $138.38 and a fifty-two week high of $201.76. The stock’s 50-day moving average is $191.10 and its two-hundred day moving average is $185.88. The firm has a market cap of $7.39 billion, a P/E ratio of 20.06, a price-to-earnings-growth ratio of 1.89 and a beta of 1.06. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.70.

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

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be issued a $0.37 dividend. The ex-dividend date is Thursday, August 15th. This represents a $1.48 annualized dividend and a yield of 0.77%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.51%.

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.