New York State Teachers Retirement System Sells 2,602 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

New York State Teachers Retirement System cut its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 4.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,157 shares of the industrial products company’s stock after selling 2,602 shares during the period. New York State Teachers Retirement System owned about 0.15% of Applied Industrial Technologies worth $13,330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of AIT. Larson Financial Group LLC lifted its holdings in Applied Industrial Technologies by 5,900.0% in the 4th quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 118 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position 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 buying an additional 44 shares during the last quarter. Harbor Investment Advisory LLC raised its position in shares of Applied Industrial Technologies by 97.5% during the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company’s stock valued at $36,000 after buying an additional 79 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Applied Industrial Technologies in the first quarter worth $41,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Applied Industrial Technologies during the fourth quarter worth $44,000. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Trading Up 0.1%

Shares of AIT stock opened at $245.48 on Friday. The company has a market cap of $9.35 billion, a PE ratio of 24.65, a price-to-earnings-growth ratio of 2.97 and a beta of 0.91. Applied Industrial Technologies, Inc. has a 1 year low of $182.21 and a 1 year high of $282.98. The stock’s 50 day simple moving average is $229.95 and its two-hundred day simple moving average is $237.48. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.17. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. Applied Industrial Technologies’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.48 EPS. Research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

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

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.84 annualized dividend and a yield of 0.75%. Applied Industrial Technologies’s payout ratio is 18.47%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AIT shares. Wall Street Zen raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Sunday, June 22nd. Raymond James Financial restated an “outperform” rating and set a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. KeyCorp decreased their price objective on Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating on the stock in a report on Monday, March 17th. Finally, Loop Capital lowered their target price on Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average 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.