New York State Common Retirement Fund Has $42.26 Million Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

New York State Common Retirement Fund raised its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 17.9% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 187,531 shares of the industrial products company's stock after purchasing an additional 28,484 shares during the period. New York State Common Retirement Fund owned 0.49% of Applied Industrial Technologies worth $42,258,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of AIT. MassMutual Private Wealth & Trust FSB lifted its position in shares of Applied Industrial Technologies by 51.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after buying an additional 44 shares in the last quarter. Harbor Investment Advisory LLC lifted its position in shares of Applied Industrial Technologies by 97.5% in the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after buying an additional 79 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Applied Industrial Technologies in the first quarter worth about $38,000. Opal Wealth Advisors LLC purchased a new stake in Applied Industrial Technologies during the first quarter valued at approximately $41,000. Finally, Huntington National Bank raised its holdings in shares of Applied Industrial Technologies by 33.8% in the fourth quarter. Huntington National Bank now owns 186 shares of the industrial products company's stock worth $45,000 after buying an additional 47 shares during the period. Institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Trading Down 0.7%

Shares of Applied Industrial Technologies stock traded down $1.84 during trading hours on Friday, hitting $260.09. The company's stock had a trading volume of 142,329 shares, compared to its average volume of 346,951. Applied Industrial Technologies, Inc. has a twelve month low of $188.71 and a twelve month high of $282.98. The firm has a fifty day moving average of $233.77 and a 200-day moving average of $237.86. The stock has a market cap of $9.90 billion, a price-to-earnings ratio of 26.11, a P/E/G ratio of 3.11 and a beta of 0.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57.

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

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's payout ratio is 18.47%.

Applied Industrial Technologies announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 1st that permits the company to buyback 1,500,000 outstanding shares. This buyback authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have commented on AIT. Raymond James Financial restated an "outperform" rating and set a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Finally, Loop Capital reduced their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Industrial Technologies currently has an average rating of "Buy" and a consensus target price of $285.00.

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.