Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 4.2% during the first quarter, according to its most recent Form 13F filing with the 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 0.15% of Applied Industrial Technologies worth $13,330,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Applied Industrial Technologies during the fourth quarter valued at $129,690,000. GAMMA Investing LLC lifted its holdings in Applied Industrial Technologies by 34,002.9% during the first quarter. GAMMA Investing LLC now owns 318,180 shares of the industrial products company's stock valued at $716,990,000 after purchasing an additional 317,247 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Applied Industrial Technologies by 199.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 309,617 shares of the industrial products company's stock valued at $74,145,000 after purchasing an additional 206,220 shares in the last quarter. First Trust Advisors LP lifted its holdings in Applied Industrial Technologies by 50.0% during the fourth quarter. First Trust Advisors LP now owns 404,784 shares of the industrial products company's stock valued at $96,934,000 after purchasing an additional 134,975 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Applied Industrial Technologies during the fourth quarter valued at $25,518,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AIT has been the subject of a number of recent research reports. Raymond James Financial reiterated an "outperform" rating and issued a $250.00 target price (down from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Loop Capital reduced their target price on shares of 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. KeyCorp reduced their target price on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research report on Monday, March 17th. Finally, Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Trading Down 0.7%

Applied Industrial Technologies stock traded down $1.63 during midday trading on Monday, hitting $244.11. 312,371 shares of the stock were exchanged, compared to its average volume of 346,643. Applied Industrial Technologies, Inc. has a fifty-two week low of $182.21 and a fifty-two week high of $282.98. The stock has a market capitalization of $9.30 billion, a price-to-earnings ratio of 24.51, a PEG ratio of 2.98 and a beta of 0.91. The stock's 50-day simple moving average is $230.22 and its 200 day simple moving average is $237.24. The company has a current ratio of 3.57, a quick ratio of 2.51 and a debt-to-equity ratio of 0.31.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The firm had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same period last year, the business earned $2.48 earnings per share. Applied Industrial Technologies's revenue was up 1.8% compared to the same quarter last year. On average, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that authorizes the company to buyback 1,500,000 shares. This buyback authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Applied Industrial Technologies Announces Dividend

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

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.