State of New Jersey Common Pension Fund D Lowers Holdings in Applied Industrial Technologies, Inc. $AIT

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Applied Industrial Technologies by 13.7%, lowering its holdings to 10,184 shares worth approximately $2,295,000.
• Applied Industrial Technologies recently reported a quarterly earnings per share of $2.80, exceeding the consensus estimate of $2.60, alongside revenue of $1.22 billion.
• The company announced a quarterly dividend of $0.46, with a payout ratio of 18.18%, and has initiated a share repurchase plan for up to 1,500,000 shares.

State of New Jersey Common Pension Fund D decreased its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 13.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,184 shares of the industrial products company's stock after selling 1,614 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Applied Industrial Technologies were worth $2,295,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Ethic Inc. boosted its stake in shares of Applied Industrial Technologies by 25.1% in the first quarter. Ethic Inc. now owns 2,561 shares of the industrial products company's stock valued at $588,000 after purchasing an additional 514 shares during the period. OneAscent Investment Solutions LLC purchased a new position in Applied Industrial Technologies in the first quarter worth approximately $455,000. Russell Investments Group Ltd. lifted its stake in Applied Industrial Technologies by 20.6% in the first quarter. Russell Investments Group Ltd. now owns 17,619 shares of the industrial products company's stock worth $3,970,000 after acquiring an additional 3,015 shares during the last quarter. Nuveen LLC purchased a new position in Applied Industrial Technologies in the first quarter worth approximately $67,365,000. Finally, Polen Capital Management LLC lifted its stake in Applied Industrial Technologies by 14.0% in the first quarter. Polen Capital Management LLC now owns 21,160 shares of the industrial products company's stock worth $4,768,000 after acquiring an additional 2,604 shares during the last quarter. Hedge funds and other institutional investors own 93.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on AIT shares. Raymond James Financial downgraded shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 15th. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Oppenheimer lifted their price target on shares of Applied Industrial Technologies from $290.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 15th. Finally, Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $265.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 15th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $287.86.

Applied Industrial Technologies Stock Down 1.3%

Shares of NYSE:AIT opened at $258.9290 on Friday. The company has a market capitalization of $9.77 billion, a PE ratio of 25.59, a P/E/G ratio of 3.20 and a beta of 0.94. The company has a current ratio of 3.32, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31. Applied Industrial Technologies, Inc. has a twelve month low of $191.31 and a twelve month high of $282.98. The firm has a 50 day simple moving average of $253.41 and a 200-day simple moving average of $240.42.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The industrial products company reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.60 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 21.78%. The company's revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.64 EPS. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. On average, equities analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's payout ratio is presently 18.18%.

Applied Industrial Technologies declared that its Board of Directors has approved a share repurchase plan on Thursday, May 1st that allows the company to repurchase 1,500,000 outstanding shares. This repurchase authorization allows the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

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.

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