California State Teachers Retirement System Has $14.59 Million Stock Holdings in Applied Industrial Technologies, Inc. $AIT

California State Teachers Retirement System lessened its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 2.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,156 shares of the industrial products company's stock after selling 1,252 shares during the quarter. California State Teachers Retirement System owned approximately 0.12% of Applied Industrial Technologies worth $14,593,201 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of AIT. BlackRock Inc. bought a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at about $1,336,805,000. Norges Bank acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter worth about $125,044,000. Bank of New York Mellon Corp purchased a new stake in Applied Industrial Technologies during the second quarter worth about $93,672,000. First Trust Advisors LP increased its holdings in shares of Applied Industrial Technologies by 34.3% during the 1st quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company's stock worth $259,706,000 after buying an additional 249,961 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in Applied Industrial Technologies in the second quarter valued at $70,948,000. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Trading Down 0.8%

Applied Industrial Technologies stock traded down $2.59 during mid-day trading on Tuesday, hitting $316.62. The stock had a trading volume of 69,820 shares, compared to its average volume of 297,686. The stock has a 50-day simple moving average of $337.99 and a two-hundred day simple moving average of $311.49. Applied Industrial Technologies, Inc. has a 12 month low of $238.34 and a 12 month high of $374.80. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $11.63 billion, a PE ratio of 28.91, a P/E/G ratio of 2.60 and a beta of 0.83.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, beating analysts' consensus estimates of $2.92 by $0.25. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the previous year, the business posted $2.80 EPS. Applied Industrial Technologies's quarterly revenue was up 10.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 11.96 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Friday, August 14th were paid a dividend of $0.51 per share. The ex-dividend date was Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. Applied Industrial Technologies's dividend payout ratio is 18.61%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on AIT shares. DA Davidson lifted their price objective on Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Bank of America lifted their price target on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a "buy" rating in a report on Friday, August 14th. Oppenheimer raised their price objective on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an "outperform" rating in a report on Friday, August 14th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Finally, KeyCorp boosted their price target on Applied Industrial Technologies from $375.00 to $420.00 and gave the company an "overweight" rating in a report on Friday, August 14th. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $400.00.

Insider Buying and Selling at Applied Industrial Technologies

In related news, Director Madhuri A. Andrews sold 3,845 shares of the firm's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the sale, the director directly owned 4,951 shares in the company, valued at $1,633,285.39. This trade represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO David K. Wells sold 1,812 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the sale, the chief financial officer owned 32,050 shares in the company, valued at approximately $11,380,955. The trade was a 5.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,561 shares of company stock worth $2,560,085 in the last 90 days. 1.60% of the stock is owned by company insiders.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc NYSE: AIT is a distributor and value-added service provider for industrial and maintenance, repair and operations (MRO) markets. The company supplies products used to keep manufacturing, processing, infrastructure and other industrial operations running, including bearings, power-transmission components, industrial motion products, fluid power equipment, hose and fittings, industrial rubber products, safety supplies and automation components.

In addition to product distribution, Applied Industrial Technologies provides engineering, design, fabrication, repair, assembly, technical support and other application-focused services.

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